Canada

Square to pay $297M for majority stake in rapper Jay Z’s Tidal

Jack Dorsey, CEO of Square and CEO of Twitter, speaks during an interview November 19, 2015.

Payments firm Square Inc on Thursday agreed to buy a majority ownership stake in Tidal, a music streaming service owned by rapper Jay Z, for $297 million in cash and stock.

Square, co-founded by Twitter Inc Chief Executive Officer Jack Dorsey, said Jay Z, whose real name is Shawn Carter, would become a member of Square’s board of directors.

“Why would a music streaming company and a financial services company join forces?!… It comes down to a simple idea: finding new ways for artists to support their work,” Dorsey said on Twitter.

Square did not disclose the percentage of the ownership stake.

Tidal calls itself an artist-owned service backed by Kanye West, Beyoncé, Madonna, Rihanna and Nicki Minaj among others, and is available in more than 56 countries.

Tidal will operate independently within Square and existing artist shareholders will be the remaining stakeholders, Square said in a statement.

Jay Z bought Tidal for roughly $56 million in 2015.

Football news:

Tuchel is Interested in the option of inviting Varane to Chelsea
Barry Ferguson on Kudela's ban for racism: 10 matches is ridiculous. It was necessary for a year
Saka-Europa League Player of the Week
Zhemaletdinov's agent about negotiations with Loko: Leonchenko offered to meet, and then wrote: I'm sorry, I can't. Ask him questions
In 2018, Dzeko supported a defender from the Roma youth team, who tore both ligaments in his knee. The kid came back and gave the assist to Edin
Pepe on Ronaldo: His critics don't know how difficult it is to score more than 30 goals every year
Napoli presented a uniform from the designer Marcelo Bourlon. The club will play in it with Inter