Financial technology company Square said on Thursday it had reached an agreement to acquire a majority stake in Tidal, the music service in part. owned by Jay-Z.
Under the agreement, Square will pay $ 297 million in cash and shares for Tidal, Jay-Z will be appointed to Square’s board of directors, and he and other artists who currently own Tidal shares will remain interested.
Tidal will operate as a separate entity along with hardware and software offerings from Point of Sale Square, the payment company founded by CEO Jack Dorsey, who is also a co-founder and CEO of Twitter.
Tidal has been touted as an artist-friendly alternative to other music streamers, and Square says he will take this phenomenon further for musicians as he has done for companies with their financial systems.
“It comes down to a simple idea: to find new ways for artists to support their work,” Dorsey said in a statement announcing the deal.
Jay-Z said in a statement that “the partnership will be a game changer for many.” I look forward to all that this new chapter has to offer! “
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