Jay Z sells his stake in Tidal to Jack Dorsey for a cool $297 million
Jay Z announced, Square, Jack Dorsey’s digital payments company, is acquiring a majority ownership stake in a deal expected to be a mix of cash and stock totaling $297 million.
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 is one of the greatest minds of our times, and our many discussions about TIDAL’s endless possibilities 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!
The deal is expected to be a mix of cash and stock of $297 million and is expected to close in the second quarter of 2021. Existing artist shareholders will be the remaining stakeholders, Square said. Jay-Z, who bought Tidal in 2015 for $56 million, will join Square’s board of directors. (cnbc)
Jack Dorsey said on Twitter:
Square is acquiring a majority ownership stake in TIDAL through a new joint venture, with the original artists becoming the second largest group of shareholders, and JAY-Z joining the Square board. Why would a music streaming company and a financial services company join forces?!
It comes down to a simple idea: finding new ways for artists to support their work.