Square To Buy Jay-Z's Music Service Tidal
Square has agreed to buy a majority stake in Tidal, the streaming music service led by rapper Jay-Z, as part of an effort to expand the company's suite of financial tools to musicians and emerging artists. From a report: Square will pay $297 million in a mix of cash and stock to become Tidal's "significant majority" owner, though Jay-Z and Tidal's other existing artist-shareholders will retain some ownership in the company. Tidal will operate independently within Square, according to a company release, and Jay-Z will join Square's board of directors. "New ideas are found at intersections, and we believe there's a compelling one between music and the economy," Square Chief Executive Officer Jack Dorsey said in a prepared statement. Bloomberg News previously reported that Dorsey and Jay-Z, who are friends, had discussed a potential deal. It's not immediately clear how Square will help Tidal build its business, but there is a lot of overlap between the music industry and Square's existing market, which includes payments and commerce, says Jesse Dorogusker, the Square executive who will serve as interim leader of Tidal inside its new parent company.
from Slashdot https://ift.tt/389GJpX
Read more of this story at Slashdot.
from Slashdot https://ift.tt/389GJpX
0 Response to "Square To Buy Jay-Z's Music Service Tidal"
Post a Comment