It looks like Jay-Z has acquired yet another major deal, all within a matter of a week. On Thursday, it was announced, Jack Dorsey’s company, Square Inc. plans to acquire a majority 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 purchase a majority stake of the streaming service with a mix of cash and stock of $297 million. Along with the deal, Jay-Z will become a part of Square’s board of directors.
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Jay-Z spoke about the deal and said, “I said from the beginning that TIDAL was about more than just streaming music, and six years later, it has remained a platform that supports artists at every point in their careers. Artists deserve better tools to assist them in their creative journey. Jack and I have had many discussions about TIDAL’s endless possibilities that have made me even more inspired about its future.”
Jack Dorsey also spoke about the deal and said, “It comes down to one simple idea: finding new ways for artists to support their work. New ideas are found at intersections, and we believe there’s a compelling one between music and the economy.”
As we previously reported, just last week, it was announced that Jay-Z sold a 50% stake of his champagne company Armand de Brignac to Moët Hennessy.
Jack Dorsey has also been making headlines within the past year. Whether it was his collaboration with artists such as Beyoncé, Rihanna and Big Sean for COVID relief. Or donation of $3 million to Colin Kaepernick’s “Know Your Rights Camp,” or even officially recognizing Juneteenth as a company holiday at Twitter.
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TSR STAFF: Jade Ashley @Jade_Ashley94