Financial technology company Square, Inc. said Thursday that it has reached an agreement to acquire majority ownership of Tidal, the music streaming service partly owned by Jay-Z.
Under the deal, Square will pay $297 million in cash and stock for Tidal, Jay-Z will be named to Square's board of directors, and he and other artists who currently own shares in Tidal will remain stakeholders.
Tidal will operate as a distinct entity alongside the point-of-sale hardware and software offerings of San Francisco-based Square, the payments company founded by CEO Jack Dorsey, who is also co-founder and chief executive of Twitter.
Tidal has presented itself as the artist-friendly alternative to other music streamers, and Square says it will take that phenomenon further for musicians just as it has for businesses with its financial systems.
“It comes down to one simple idea: finding new ways for artists to support their work,” Dorsey said in the statement announcing the deal.
Jay-Z said in the statement that the “partnership will be a game-changer for many.” I look forward to all this new chapter has to offer!"
TikTok said it's investing billions of dollars into the southeast Asia market, one of the company's biggest, over the next few years.
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Ed Siddell, CEO and chief investment officer with EGSI Financial, joined Cheddar News to discuss Thursday's positive trading session in what Siddell called "a year of momentum" as investors continue to digest a heavy amount of news that includes monetary policy, inflation concerns, banking fears and some positive economic data.
Rivian is expanding into New York City and launching its first showroom there. Cheddar News took a look at the showroom in NYC that the company is calling "spaces," which is intended to be experiential retail locations to woo new customers.
Rebecca Walser, certified financial planner and wealth strategist, offers tips on how to avoid money mistakes, develop healthy spending habits, and pay off debts.
The U.S. Department of Agriculture said Wednesday it hopes to weed out false or misleading animal-welfare claims on meat and poultry packaging with new guidance and testing.
Stocks swept higher Thursday, revving the longest rally for Wall Street in a year and a half into a higher gear.
If you're looking for food that's good for you and the planet, look no further than the new Isle of Us café and marketplace in the Upper East Side. Cheddar's own Shannon LaNier is on the scene with more.
The price of one kitchen staple is dropping at a historic rate. In May, egg prices had their largest monthly decline in 72 years. Ricky Richardson, CEO of South Carolina-based Eggs Up Grill, joined Cheddar News to discuss the state of play in the egg industry as prices fall while food costs overall are on the rise again. Egg prices are "returning to more normal levels now, we're running down about 40% on a year-over-year basis," he said.
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