Jay-Z Finalizes Sale Of Tidal To Jack Dorsey’s Square For $350 Million
According to TMZ, the rapper, philanthropist, and entrepreneur sold 80% of the shares to Square for $350 million (Jack Dorsey is also the CEO of Twitter). Square now reportedly has ownership of Tidal’s licensing deals with record companies. Artists who are currently on the platform will remain. Jay-Z will also stay, along with Roc Nation CEO Desiree Perez, to help operate the company.
Jay-Z launched Tidal in 2015 for $56 million. He partnered with other iconic artists including Rihanna, Beyonce, Kanye West, and Madonna.
He sold 33% of Tidal to Sprint back in 2017. It’s not clear how much it went for back then.
News of Square buying majority shares in Tidal surfaced last month. Jack Dorsey confirmed on Twitter.
Jay-Z said back then,
“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 was initially reported that Jack Dorsey’s company would buy it for $297 million and that Jay-Z would have a seat on Square’s Board of Directors.
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