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Square will pay $297 million in stock and cash for the stake in Tidal. Jay-Z will join Square’s board.Jack Dorsey’s other company – Square – announced Thursday it’s buying a majority stake in Jay-Z’s streaming music platform Tidal for $297 million in cash and stock.
Shawn “Jay-Z” Carter will join the board of directors of publicly-traded Square, a financial services and payments company. Square said it’s taking a “significant ownership stake” in Tidal and that existing artist shareholders will own the rest. Tidal will operate independently within Square.
Square said the acquisition extends its “purpose of economic empowerment” to a new vertical — musicians. Square offers financial tools to help launch and grow small businesses and individuals manage money. “It comes down to one simple idea: finding new ways for artists to support their work,” said Dorsey, cofounder and CEO of Square (and of Twitter). “New ideas are found at intersections and we believe there’s a compelling one between music and the economy. I knew Tidal was something special as soon as I experienced it, and it will continue to be the best home for music, musicians, and culture.”
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