Square, Inc. to buy majority of Tidal and put Jay-Z on board

Entertainment
Jay-Z, Shawn Carter

FILE – In this Nov. 26, 2017 file photo, Jay-Z performs on the 4:44 Tour at Barclays Center in New York. Jay-Z made this year’s list of nominees to the Rock and Roll Hall of Fame. The class of 2021 will be announced in May. (Photo by Scott Roth/Invision/AP, File)

SAN FRANCISCO (AP) — Financial technology company Square, Inc. said Thursday that it has reached an agreement to acquire majority ownership of Tidal, the music streaming service partly owned by Jay-Z.

Under the deal, 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.

Tidal will operate as a distinct entity alongside the point-of-sale hardware and software offerings of San Francisco-based Square, the payments company founded by CEO Jack Dorsey, who is also co-founder and chief executive of Twitter.

Tidal has presented itself as the artist-friendly alternative to other music streamers, and Square says it will take that phenomenon further for musicians just as it has for businesses with its financial systems.

“It comes down to one simple idea: finding new ways for artists to support their work,” Dorsey said in the statement announcing the deal. .

Jay-Z said in the statement that the “partnership will be a game-changer for many.” I look forward to all this new chapter has to offer!”

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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