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JAY-Z Sells Majority Stake in TIDAL to Jack Dorsey’s Company Square for $297M

JAY-Z Sells Majority Stake in TIDAL to Jack Dorsey’s Company Square for $297M

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:

The Twitter CEO elaborated in a Twitter thread adding:

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Congrats to Hov on a prosperous week + sound off on Jay-Z’s latest endeavors in the comments.

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