Square Inc. will receive 80% ownership of JAY-Z’s TIDAL, additionally, the tech company is set to acquire licensing deals with major record labels.
JAY-Z has reportedly closed the deal to sell the majority of his streaming company TIDAL for $350 million to Square Inc.
Back in March, he shared a few tweets about the sale of TIDAL to Square Inc. owned by Jack Dorsey, co-founder and chief executive of Twitter. But, per TMZ, JAY-Z closed the deal on Friday. The digital platform initially launched in 2015 for $56 million in partnership with other artists including Beyonce, Alicia Keys, Kanye West and more who are part shareholders.
Square Inc. will receive 80% ownership of TIDAL, additionally, the tech company is set to acquire licensing deals with major record labels. All artists/owners will reportedly stay with the company. JAY-Z and Roc Nation CEO, Desiree Perez will stay on and help run TIDAL.
Bloomberg previously noted that the deal would consist of Square Inc. paying $297 million in cash and stocks. Alongside these details, it was also announced that Jay would sit on the board of directors after the deal goes through.
The business mogul shared the following tweet on March 4 about the Square Inc. majority ownership:
“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. He added, “Artists deserve better tools to assist them in their creative journey.”
He also shared a few choice words about Jack Dorsey, “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!”
That same day, Dorsey expressed his thoughts on Twitter too. He wrote:
“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.”
Stay tuned here for additional updates.