Jay-Z, who bought Tidal in 2015 for $56 million, will join Square's board of directors.ĭorsey said Jay-Z will also "help lead our entire company, including Seller and the Cash App, as soon as the deal closes." Existing artist shareholders will be the remaining stakeholders, Square said. Jack Dorsey’s Square to Acquire Jay-Z’s Tidal Streaming Service for 297 Million. ![]() The move is an effort to diversify Square, which is well known for its credit card processor, payment hardware and Cash App. Square, the payments-processing company led by CEO Jack Dorsey, announced plans to buy a significant. Square, the payments-processing company led by CEO Jack Dorsey, announced plans to buy a significant majority stake in Tidal, the music and entertainment streaming platform run by Jay-Z. Most recently, the company officially launched its banking operations. Square said it doesn't expect Tidal's financial results to have a material impact on Square's consolidated revenue or gross profit in 2021. Tidal has struggled to keep up in the music streaming wars since its launch, and Dorsey's stake could help push the company forward. Jay-Z and Jack Dorsey could continue their bitcoin partnership and create a Tidal-Square blockchain. Jay-Z and Dorsey have also partnered in the past. Square has made partnering with rappers a prioritythey gave away 100,000 as part of a promo with the genre’s preeminent brand-man Travis Scott, and Megan Thee Stallion also partnered with. Earlier this year, it was announced that Carter and Dorsey joined forces to create an endowment. Square, the company led by Twitter co-founder Jack Dorsey, is buying Tidal, the music service led by rapper Jay-Z. Last month, Dorsey said the pair endowed a bitcoin trust to support the digital coin's development in Africa and India.Your CNN account Log in to your CNN account Jack Dorsey's Square has taken a majority stake in Tidal, the streaming platform owned by Jay-Z. Dorsey says he is buying Tidal to find new ways for artists to make money. The two moguls have met multiple times in the last year, including in Hawaii and the Hamptons. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Payments firm Square Inc agreed on Thursday to buy a majority stake in rapper Jay-Zs Tidal music streaming service for 297 million in a deal that could popularize blockchain or other new. 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. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. ![]() ![]() All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Market holidays and trading hours provided by Copp Clark Limited.
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