Financial technology company Square, Inc. said
Thursday that it has reached an agreement to
acquire majority ownership of Tidal, the music
streaming service partly owned by Jay-Z.
Under the deal, Square will pay $297 million in
cash and stock for Tidal, Jay-Z will be named to
Square’s board of directors, and he and other
artists who currently own shares in Tidal will
remain stakeholders.
Tidal will operate as a distinct entity alongside
the point-of-sale hardware and software
offerings of San Francisco-based Square, the
payments company founded by CEO Jack
Dorsey, who is also co-founder and chief
executive of Twitter.
Tidal has presented itself as the artist-friendly
alternative to other music streamers, and Square
says it will take that phenomenon further for
musicians just as it has for businesses with its
financial systems.
“It comes down to one simple idea: finding new
ways for artists to support their work,” Dorsey
said in the statement announcing the deal..
Jay-Z said in the statement that the “partnership
will be a game-changer for many.” I look forward
to all this new chapter has to offer!”Image: Greg Allen