The acquisition of the Tidal streaming service is now complete. Business titans Shawn “Jay-Z” Carter and Jack Dorsey have reportedly finalized the deal that was first announced back in March with Dorsey’s Square taking majority ownership of Jay-Z’s Tidal.
Earlier this year, Square Inc. announced that it has entered into an agreement to acquire a majority ownership stake in the Jay-Z helmed TIDAL. TIDAL is the global music and entertainment platform that brings fans and artists together through unique music, content, and experiences. With this transaction, Square was anticipated to pay a mix of cash and stock worth $297 million for a majority ownership stake, and the existing artist shareholders will be the remaining stakeholders. TIDAL will operate within Square, alongside the Seller and Cash App ecosystems.
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According to TMZ, the deal was finalized late last week for a reported $302 million that gives Square 80% of the company which has a $350 million valuation. Jay-Z and Roc Nation CEO Desiree Perez are staying on board.
At the time of the initial announcement, Jay-Z stated, “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 and I have had many discussions about TIDAL’s endless possibilities that 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!”
“It comes down to one simple idea: finding new ways for artists to support their work,” said Jack Dorsey, co-founder, and CEO of Square. “New ideas are found at intersections, and we believe there’s a compelling one between music and the economy. I knew TIDAL was something special as soon as I experienced it, and it will continue to be the best home for music, musicians, and culture.”