So this is what that Hamptons yacht ride was all about.
Tech billionaire Jack Dorsey has reportedly held talks with Jay-Z about his payments firm Square acquiring Tidal, the Brooklyn-born rapper’s music streaming service.
Dorsey — also the co-founder and CEO of Twitter — is interested in taking over Tidal in an effort to diversify Square’s business, Bloomberg News reported Wednesday, citing an unnamed source familiar with the situation.
It’s unclear how much the Cash App parent might be willing to pay for Tidal, and the discussions may not lead to a deal, according to the outlet.
But the report comes after the business duo were spotted in August lounging on a yacht in the Hamptons with Jay-Z’s wife Beyoncé. The tech tycoon and the music mogul were seen again last month hanging out on a beach with actor Sean Penn.
The talks with Dorsey appear to be the latest episode in Jay-Z’s lengthy quest to sell Tidal, which has struggled to compete with larger rivals Spotify and Apple Music, according to a music executive familiar with Tidal’s business.
The “Empire State of Mind” artist started shopping Tidal two years after he bought it for $56 million in 2015, thinking he could get $1 billion for it, the exec said. Instead of selling it outright, he got a partner in wireless carrier Sprint, bought a 33 percent stake at a $600 million valuation.
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