Music mogul JAY-Z is reportedly selling its TIDAL streaming service for a whopping $ 350 million.
XXL Magazine reports that JAY-Z is selling TIDAL to Square Inc., a financial company that the Twitter Heard CEO Jack Dorsey. The deal gives Square an 80 percent stake in TIDAL and enables the company to acquire the license agreements with all of the major record labels. However, artists and owners are expected to stay with TIDAL. Additional information suggests that Square Inc. will pay $ 297 million in cash and shares.
In March 2021, JAY-Z tweeted about the deal with Dorsey, « I said from the start that TIDAL was about It’s 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 aid them on their creative journey. “He adds, Jack is one of the greatest minds of our time and our many discussions about the endless possibilities of TIDAL have inspired me even more for his future. This shared vision makes me even more excited to join the Square Board. This partnership will be vital for many. I look forward to all that this new chapter has to offer! »
Since its introduction in 2015, TIDAL has already held talks with Apple in 2016 to acquire the platform. In 2017 Sprint acquired a 33 percent stake in TIDAL. JAY-Z has taken several business moves recently, most recently selling half of its Ace of Spades champagne line to LVMH for $ 600 million.
Jack is one of the greatest minds of our time and our many discussions about the endless possibilities of TIDAL have inspired me even more for his future. This shared vision makes me even more excited to join the Square Board.
On other music news, Lil Wayne paid homage to DMX and fondly remembered her Cash Money / Ruff Ryders tour.
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