Sq. Acquires Majority Possession in Jay-Z’s Streaming Service TIDAL
In the world of Shawn “Jay-Z” Carter, bags are lined up by the minute. After Forbes recently estimated that Jay-Z’s Ace Of Spades deal netted the businessman-rapper $ 315 million, the billionaire struck another deal.
Square Inc. announced that it has entered into an agreement to acquire a controlling interest in Jay-Z-headed TIDAL. TIDAL is the global music and entertainment platform that brings fans and artists together through unique music, content and experiences. With this transaction, Square is expected to pay a $ 297 million mix of cash and stock for a controlling stake, and the existing artist shareholders will be the remaining stakeholders. TIDAL will operate within Square alongside the seller and cash app ecosystems.
Carter, a TIDAL director and shareholder, is expected to join Square’s board of directors upon completion of the transaction.
“I’ve said from the start that TIDAL is about more than just streaming music, and six years later it has remained a platform that supports artists at every point in their careers,” Carter said in a written statement.
“Artists deserve better tools to aid them on their creative journey. Jack and I have had many discussions about the endless possibilities of TIDAL that have inspired me even more for the 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! “
“It comes down to a simple idea: finding new ways for artists to support their work,” said Jack Dorsey, Square co-founder and CEO. “New ideas come at intersections, and we believe there is a compelling one between music and business. I knew TIDAL was special as soon as I experienced it and it will continue to be the best home for music, musicians and culture. “