Another big boss move from Jay-Z!
Financial technology company Square, Inc. has reached an agreement to acquire majority ownership of Tidal, the music streaming service partly owned by Jay-Z. 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.
“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,” Jay-Z said in a new tweet. “Artists deserve better tools to assist them in their creative journey. Jack 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!”
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.
— Mr. Carter (@sc) March 4, 2021
Jack 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.
— Mr. Carter (@sc) March 4, 2021
Jack Dorse, CEO of Square, the payments company, also co-founder and chief executive of Twitter, chimed in via Twitter, “It comes down to one simple idea: finding new ways for artists to support their work. New ideas are found at intersections, and we believe there’s a compelling one between music and the economy. I knew TIDAL was something special as soon as I experienced it, and it will continue to be the best home for music, musicians, and culture.”
I’m grateful for Jay’s vision, wisdom, and leadership. I knew TIDAL was something special as soon as I experienced it, and I’m inspired to work with him. He'll now help lead our entire company, including Seller and the Cash App, as soon as the deal closes. https://t.co/YRfYjcWJQx pic.twitter.com/xBtq2xfwue
— jack (@jack) March 4, 2021