It looks like Jay-Z closed another important deal within a week. It was announced on Thursday that Jack Dorsey’s company Square Inc. plans to acquire a controlling stake in Jay-Z’s popular streaming service Tidal. As many of you know, Jack Dorsey is also the CEO of Twitter.
According to the official announcement, Square plans to acquire a controlling stake in the streaming service with a mix of cash and stock of $ 297 million. Along with the deal, Jay-Z will join Square’s board of directors.
Talking about the deal, Jay-Z said, “I said from the start that TIDAL is about more than just streaming music. Six years later, it has remained a platform that supports artists at every point in their careers. Artists deserve better tools to aid them on their creative journey. Jack and I have had a lot of discussions about the endless possibilities of TIDAL that have inspired me even more for the future. “
Jack Dorsey also spoke about the deal, saying, “It comes down to a simple idea: finding new ways for artists to support their work. New ideas come at intersections and we believe there is a compelling one between music and business. “
As we previously reported, it was announced just last week that Jay-Z had sold a 50% stake in its champagne company Armand de Brignac to Moët Hennessy.
Jack Dorsey also made headlines last year. Whether it was working with artists like Beyoncé, Rihanna and Big Sean for COVID relief. Or a donation of 3 million US dollars to Colin Kaepernick’s “Know Your Rights Camp” or even the official recognition of Juneteenth as a company holiday on Twitter.
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TSR STAFF: Jade Ashley @ Jade_Ashley94
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