Jack Dorsey’s Square, Inc. has purchased a “significant” majority ownership stake in Jay-Z’s Tidal for $297 million in cash and stock, reports The Wrap.
Tidal board member and shareholder Jay-Z, real name Shawn Carter, is expected to join Square’s board of directors subject to the closing of the transaction. After the deal has closed, all of Tidal’s artist shareholders will continue to be co-owners of Tidal.
Jay-Z aded: “I said from the beginning that Tidal was about more than just streaming music, and six years later, it has remained a platform that supports artists at every point in their careers. Artists deserve better tools to assist them in their creative journey. Jack and I have had many discussions about Tidal’s endless possibilities that have made me even more inspired about its future. This shared vision makes me even more excited to join the Square board. This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!”
Tidal and Square expect the transaction to close in the second quarter of 2021, pending regulatory approvals.