BEVERLY HILLS, March 04, (THEWILL) – The Jack Dorsey-led financial services firm, Square, has reached a consensus with US singer, Jay-Z, to take control of Tidal so that the struggling music streaming platform will be rejuvenated.
According to reports, the firm will pay $297 million in cash and stock for a “significant majority ownership stake” in Tidal, which Jay-Z acquired for $56 million in 2015.
Also, Jay-Z will join Square’s board as soon as the deal ends in the second quarter of this year, the company stated on Thursday.
The announcement came after Dorsey and Jay-Z disclosed several hints that something was in the pipeline.
The pair was seen on a yacht in the Hamptons with Jay-Z’s wife, Beyoncé, in August before news spread in December that they were talking about Square-Tidal tie-up.
“Jack is one of the greatest minds of our times, and our many discussions about TIDAL’s endless possibilities have made me even more inspired about its future,” Jay-Z spoke of his new partner on Twitter, which Dorsey also leads as CEO.
