A week after the sale of half of Armand de Brignac to LVMH, JAY-Z is on the receiving end of another deal, selling a majority ownership stake in Tidal to Jack Dorsey’s Square.
Square will pay a mix of cash and stock in the value of $297 million. The remaining shareholders that are artists will remain in place.
JAY-Z will also move into Square’s Board of Directors.
“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 on Twitter. “Artists deserve better tools to assist them in their creative journey. Jack and I have had many discussions about TIDAL’s endless possibilities that have made me even more inspired about its future. This shared vision makes me even more excited to join the Square board. This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!”
Jack also shared thoughts in his own tweet thread.