Jay-Z continues to make business moves on a big scale.
It looks like a yacht trip in the Hamptons JAY-Z took with Twitter CEO Jack Dorsey proved to be a business move. On Thursday (March 4), Square, Inc. announced it has reached an agreement to purchase majority ownership in TIDAL.
Square, the company founded by Dorsey, will be paying $297 million in cash and stock in TIDAL and in return, Hov will join Square’s board of directors. TIDAL will continue running as a separate company but will have a plethora of resources thanks to Square’s software technology.
The move comes two weeks after JAY-Z sold half of his champagne company Armand de Brignac to LVMH Moët Hennessy Louis Vuitton in a historic deal.
JAY-Z took to Twitter to share his excitement over the deal in a series of tweets.
“This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!,” he wrote. “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. This shared vision makes me even more excited to join the Square board.”
The Brooklyn legend then reiterated why TIDAL was so important to artists trying to bring their music to the masses.
He tweeted, “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.”
Rumors of a deal between JAY-Z and Dorsey started when the two were photographed hanging out in the Hamptons and again in Hawaii. There’s was no word on JAY-Z wanting to sell TIDAL but according to a report from Bloomberg News, Dorsey wanted parts of the company.
Hov bought TIDAL off Swedish Aspiro in 2015 for $56 million. In five years, the streaming service has subscribers in over 50 countries and reported they had three million sign up with the company in 2016, but there hasn’t been any word on those numbers since.
