According to TMZ On Friday April 30, Hov reportedly followed up on a tweet he shared in March announcing the sale of TIDAL to financial technology firm Square Inc., owned by Jack Dorsey, who is also the co-founder and CEO of Twitter. Jay reportedly made the deal this morning, selling the music streaming platform for $ 350 million.
As for the details of the recent exchange, Square will receive an 80% stake in TIDAL. Additionally, the tech company will acquire licensing agreements with major record labels while artists and owners will remain with TIDAL.
Jay Z and Roc Nation CEO Desiree Perez, who was instrumental in bringing the deal together, will help run TIDAL.
Earlier reports indicated that the transaction would consist of a payment by Square Inc. of $ 297 million in cash and shares. Meanwhile, Jigga will serve on the board of directors of the payment technology company.
On March 4, Jay-Z tweeted about the deal: “I’ve said all along that TIDAL is more than just music streaming, and six years later it’s still a platform. which supports artists at every stage of their career. Artists deserve better tools to support them in their creative journey. “
He added, “Jack is one of the greatest minds of our time, and our many discussions about the endless possibilities of TIDAL have made me even more inspired by his future. This shared vision makes me even more excited at the idea to join Square’s board of directors. This partnership will be a game-changer for many. I look forward to all that this new chapter has to offer! “
Jay-Z launched TIDAL in 2015 after winning a $ 56 million bid from Swedish streaming company Aspiro. In 2016, there was conversations about Apple’s purchase of TIDAL, which never materialized. Then, in 2017, Sprint bought a 33% stake in the streaming service.
Jay has been making some big boss moves lately. More recently he sold half of his Ace of Spades champagne line to LVMH Moët Hennessy Louis Vuitton, also known as LVMH.
See Jay-Z and Jack Dorsey’s tweets on the TIDAL and Square partnership
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