Square, the mobile payment company co-owned by Twitter CEO/co-founder Jack Dorsey, has reportedly purchased a majority stake in TIDAL, the audio streaming platform launched by Jay-Z alongside Beyoncé, Rihanna, and a number of other notable players in the music industry back in 2015.
According to a report published by The New York Times on Thursday, Square will pay $297 million in stock and cash for the majority ownership stake in TIDAL, and Jay-Z will remain involved as a boardmember.
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Square executive Jesse Dorogusker said in a comment about TIDAL’s new ownership, “It started as a conversation between the two of them. They found that sense of common purpose.”
Back in 2017 it was reported that Apple was in talks to potentially acquire TIDAL and use it to bolster their own then-new music streaming service, Apple Music. T-Mobile had previously held 33% worth of TIDAL shares following an initial acquisition by Sprint in 2017 (Sprint is now a subsidiary of T-Mobile) but that equity was bought back by Jay-Z prior to Square’s major acquisition.
[H/TÂ The New York Times]