Sold. Jay Z sells his majority stake in Tidal music streaming service to Square the mobile payments firm.Square will pay $297 million in stock and cash for the stake in Tidal.
Jay Z will join the board of directors on Square. Other owners of Tidal who include Beyonce, Madonna, and Rihanna will retain their stake, becoming the second largest shareholders in the company. Square offers financial tools for small businesses. Jack Dorsey the owner of Square stated the two companies are joining forces “It comes down to a simple idea: finding new ways for artists to support their work. New ideas are found at intersections, and we believe there is a compelling one between music and the economy.” The new acquisition between Square and Tidal will allow artists to explore options such as receiving digital payments direct from fans with the platform.
What do you think about the deal?