The “artist-owned” subscription music streamer launched in 2014
Jack Dorsey’s Square, Inc. has purchased a “significant” majority ownership stake in Jay-Z’s Tidal for $297 million in cash and stock.
Tidal board member and shareholder Jay-Z, real name Shawn Carter, is expected to join Square’s board of directors subject to the closing of the transaction. After the deal has closed, all of Tidal’s artist shareholders will continue to be co-owners of Tidal.
“It comes down to one simple idea: finding new ways for artists to support their work,” Dorsey, cofounder and CEO of Square, said in a statement. “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.”
Jay-Z aded: “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 and I have had many discussions about Tidal’s endless possibilities that 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!”
Tidal and Square expect the transaction to close in the second quarter of 2021, pending regulatory approvals.
More to come…
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