SAN FRANCISCO (AP) – Financial technology company Square, Inc. said Thursday it has entered into an agreement to acquire a majority stake in music streaming service from Tidal, part-owned by Jay-Z.
Under the deal, Square will pay $ 297 million in cash and inventory for Tidal, Jay-Z will be appointed to Square’s board of directors, and he and the artists who currently own shares in Tidal will remain interested.
Tidal will operate as a separate entity in San Francisco Square, a payment company founded by CEO Jack Dorsey in addition to a payment company’s hardware and software offering, who is a co-founder and CEO of Twitter.
Tidal has emerged as an artist-friendly alternative to other music streamers, and Square says it will pass this phenomenon on to musicians as well as businesses with its financial system.
“It’s one simple idea: looking for new ways for artists to support their work,” Dorsey said in a statement announcing the deal. .
Jay-Z said in a statement that “the partnership will be variable for many in the game”. I look forward to this new chapter! “