JAY-Z is making big business moves.
On the heels of his LVMH deal, Square Inc. has agreed to buy a majority stake in the Hip Hop legend’s TIDAL streaming music service for $297 million in cash and stock.
TIDAL will operate independently within Square and Jay-Z and Tidal’s other existing artist-shareholders will retain some ownership in the company.
JAY-Z will also join Square’s board of directors.
The deal is part of an effort to expand Tidal’s suite of financial tools to musicians and emerging artists.
In a statement, JAY-Z shared:
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 [Dorsey] is one of the greatest minds of our times, and our many discussions about TIDAL’s endless possibilities 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!
Congratulations!
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