According to TMZ on Friday (April 30), Hov has reportedly followed through on a tweet he shared back in March, which announced the sale of TIDAL to financial tech company, Square Inc., owned by Jack Dorsey, who is also the cofounder and chief executive of Twitter. Jay supposedly closed the deal this morning, selling the music streaming platform for $350 million.
As for the details of the recent exchange, Square will receive 80 percent ownership of TIDAL. Additionally, the tech company will acquire licensing deals with major record labels while artists and owners will stay with TIDAL.
Jay-Z and Roc Nation CEO, Desiree Perez, who played a role in making the deal happen, will assist in running TIDAL.
Prior reports noted that the deal would consist of Square Inc. paying $297 million in cash and stocks. Meanwhile, Jigga will sit on the board of directors for the payment tech company.
On March 4, Jay-Z tweeted about the agreement: “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.”
He added: “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. This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!”
Jay-Z launched TIDAL back in 2015 after winning a $56 million bid from Swedish streaming company Aspiro. In 2016, there were conversations about Apple buying TIDAL, which never materialized. Then, in 2017, Sprint bought a 33 percent stake in the streaming service.
Jay has been making major boss moves as of late. Most recently, he sold half of his Ace of Spades champagne line to LVMH Moët Hennessy Louis Vuitton, also known as LVMH.
See Jay-Z and Jack Dorsey’s Tweets About the TIDAL and Square Partnership
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