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!"
Elizabeth Renter, Senior Economist at NerdWallet, breaks down how inflation and oil price shocks are driving higher costs and squeezing consumers today.
David Branch of Wells Fargo explains why cocoa prices are falling but some candy costs remain high and when consumers may finally see relief at checkout.
Colonel Chris Hadfield, astronaut and best-selling author, breaks down Artemis II and why NASA’s next crewed mission is key to returning humans to the Moon.
Ben Geman, Energy Reporter at Axios, explains how the Iran war could reshape global energy—disrupting supply, shifting power, and accelerating a new regime.
Emily Peck, National Correspondent at Axios, explains why office vacancies hit 21% despite RTO pushes, highlighting a lasting shift in how Americans work.
