Jay-Z is reportedly selling his music streaming service TIDAL for $350 million in cash and stocks.
According to multiple reports, the music mogul is selling TIDAL to Square Inc., owned by Twitter CEO Jack Dorsey. This financial move would give Square 80% ownership of TIDAL and access to all current licensing deals with major and independent record labels.
Jay-Z alluded to the buyout earlier this year:
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.
TIDAL owners and artists are expected to stay with the company.
See Jay-Z’s tweets below and learn more about TIDAL here.
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.
— Mr. Carter (@sc) March 4, 2021
Source: Hypebeast
