Monday, June 27, 2022

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Jack Dorsey’s Square Acquires $297M Stake in Jay-Z’s Tidal

Mobile payments firm, Square, which is run by Twitter boss Jack Dorsey, has acquired a majority stake in Jay-Z’s music streaming service, Tidal, for $297 million.

Per THR, Jay-Z and Tidal’s other artist shareholders — including Beyoncé, Madonna and Rihanna — will continue to own their piece of the business, which will operate as an independent division within Square.

THR adds:

The San Francisco-based financial services company behind the Cash App might seem an odd partner for Tidal, which Jay-Z purchased about six years ago in a bid to give artists more control over the distribution of their music, but the companies are positioning the deal as a natural extension of the work that Square already does with small businesses.

In a statement shared with the press, Dorsey explained that the deal is all about helping artists support their work. “New ideas are found at intersections, and we believe there’s a compelling one between music and the economy,” he added. “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.”

And Jay-Z has taken to his Twitter to also talk about the deal. See his tweets:

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