Square Is Acquiring a Majority Stake in Tidal for $297M
Financial services giant Square is acquiring a majority stake in Tidal, the music streaming service led by Jay-Z, the companies announced Thursday (March 4).
Square will pay $297 million in a mix of cash and stock for a majority stake in the company, allowing the artist stakeholders who initially partnered with Jay-Z and Tidal to keep ownership stakes as well. Jay-Z will join Square’s board of directors, and Square’s hardware lead Jesse Dorogusker will serve as the interim head of Tidal upon the closing of the deal.
Hov even was active on Twitter today.