Square has announced that is it buying a majority stake in Jay Z’s streaming service Tidal, the deal is worth $297 million.
The company has said that it will buy the majority stake with a mix of cash and stock and it will own a significant majority stake in the company.
The acquisition extends Square’s purpose of economic empowerment to a new vertical: musicians. Artists are entrepreneurs with a dream and deserve access to systems, tools, and financial freedom to reach those dreams at every stage in their career. Square has helped millions of businesses start, run, and grow by providing them with tools needed for success. With Cash App, Square has made financial services more relatable and accessible to millions of customers, many of whom have been historically overlooked and underserved. Square sees an opportunity to leverage those learnings to help musicians find new ways to support their work and make better decisions through TIDAL.
You can find out more details about the deal between Square and Tidal over at Square at the link below.
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