Jay-Z’s music streaming service Tidal has been acquired by Square Inc, the digital payments firm led by Twitter CEO Jack Dorsey.
According to The New York Times, Dorsey’s company struck a deal with Jay-Z to acquire a “significant majority” of Tidal on Thursday. Square Inc will pay $297 million in cash and stock, while the music mogul will have a seat on Square’s board.
In a statement on Twitter, Dorsey explained that the acquisition will extend Square’s “purpose of economic empowerment to a new vertical: musicians.” “It comes down to one simple idea: finding new ways for artists to support their work,” he added.
“I’m grateful for Jay’s vision, wisdom, and leadership,” Dorsey continued. “I knew Tidal was something special as soon as I experienced it, and I’m inspired to work with him. He’ll now help lead our entire company, including Seller and the Cash App, as soon as the deal closes.” Read his full Twitter statement here.
Jay-Z also returned the praise to Dorsey by calling their partnership “a game-changer for many.” He said, “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.” Read the rapper’s statement here.
Jay-Z bought Tidal in 2015 from Norwegian-based tech company Aspiro. The streaming platform has been backed by several high-profile musicians, including Kanye West, Beyoncé, Rihanna, and Nicki Minaj among others.