News: Jay-Z Sells Majority Stake of Tidal to Square
Fresh off the news of his Armand de Brignac deal here, Jay-Z if keeps the deals coming capitalizing off of everything! The music mogul has now sold the majority stake of his Tidal platform. Square is run by Jack Dorsey and is better known as a mobile payments app. They have agreed to acquire a majority stake in Jay’s Tidal streaming service for a whopping $297 million dollars! The deal announced yesterday will allow for shareholders including Rihanna, Beyonce and Madonna to still own a portion of the company.
Dorsey had this to say about the deal:
“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 purchased Tidal in 2015 for $56 million when Spotify was fairly new and Apple Music had yet to exist. Square will retain Tidal’s 200 plus employees based in New York continuing to operate as a streaming service. Jay-Z will also remain a shareholder along with joining the Board of Directors. Jay had this to say about the deal:
“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!”
Stay tuned as we keep you posted on this story.