The majority of Tidal, Jay-Z’s music streaming service, will be sold to Square, Inc.
News of the deal was made public today with the financial tech company to pay US$297 million in cash and stock for a majority stake in the artiste-owned company.
Jay-Z will be named to Square’s board of directors and also remain a shareholder, along with other artiste-owners including wife Beyoncé, Damian Marley, Madonna and Rihanna.
In a statement regarding the sale, Jay-Z said the “partnership will be a game-changer for many. I look forward to all this new chapter has to offer!”
Square was founded by Jack Dorsey who is also the co-founder and CEO of Twitter.