JAY-Z Sells Majority Stake In TIDAL To Jack Dorsey’s Company, Square
Just a week after it was announced that Moet Hennessy, the wine and spirits division of luxury conglomerate LVMH, purchased a 50% stake in rapper Jay-Z’s champagne brand, Armand de Brignac, the rapper star and business mogul has made yet another major move.
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According to Pitchfork, Square—the digital payment company run by Twitter CEO Jack Dorsey—has acquired JAY-Z’s streaming platform TIDAL!
The company will pay a mix of cash and stock of $297 million for a significant majority ownership stake. As part of the deal, JAY-Z will move to Square’s board of directors and Tidal’s artist owners will continue to co-own the platform, as the second-largest group of shareholders, the news site notes. “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,” Jay Z said in a tweet, adding that “Artists deserve better tools to assist them in their creative journey.”
“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.“
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