The Twitter CEO Jack Dorsey has inked a $297 million deal to take control of TIDAL.
Jay-Z announced a few deals this past week including the Armand de Brignac merger with LVMH. In 2015, TIDAL was purchased from the Norwegian company Aspiro for $56M. Jay-Z brought aboard artist owners including Beyoncé, Kanye West, Nicki Minaj, Madonna, Lil’ Wayne, J. Cole, Coldplay’s Chris Martin, Arcade Fire’s Win Butler and Régine Chassagne, Rihanna, Jack White, Daft Punk, and many more.
Last December, Bloomberg reported on the possibility that Square would buy TIDAL. Today, a press release confirms that “Square expects to pay a mix of cash and stock of $297 million for a significant majority ownership stake.” TIDAL will operate independently within Square, according to the press release. Jay-Z took to Twitter to discuss the selling to Square:
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.— Mr. Carter (@sc) March 4, 2021
This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!— Mr. Carter (@sc) March 4, 2021
The Twitter CEO elaborated in a Twitter thread adding:
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. Why would a music streaming company and a financial services company join forces?!— jack (@jack) March 4, 2021
Congrats to Hov on a prosperous week + sound off on Jay-Z’s latest endeavors in the comments.
Terrell Johnson is the Editor-in-Chief and Founder of SWGRUS.