- Jay Z’s music streaming company Tidal is being acquired by payment company Square for $US300 ($385) million.
- As part of the deal, Jay Z will, “now help lead our entire company,” Square CEO Jack Dorsey said.
- Rather than taking on an executive role, Jay Z is joining Square’s board of directors.
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In a surprise announcement on Thursday morning, Jack Dorsey’s Square revealed that it’s buying Shawn “Jay-Z” Carter’s Tidal for just shy of $US300 ($385) million.
The two companies will come together to create more economic opportunities for musicians, Square said in a press release.
As part of the terms of the acquisition, Jay-Z is taking on a leadership role at Square.
“I’m grateful for Jay’s vision, wisdom, and leadership,” Dorsey said on Thursday morning. “I knew Tidal was something special as soon as I experienced it, and I’m inspired to work with him. He’ll now help lead our entire company, including Seller and the Cash App, as soon as the deal closes.”
But what leadership role will Jay-Z take at Square? He’s expected to become a member of Square’s board of directors, according to a Square representative, “subject to the closing of the transaction.”
Despite Dorsey’s phrasing, it doesn’t sound like Jay-Z will be taking on an executive role at Square.
Jay Z purchased Tidal in 2015 for $US56 ($72) million, and the company prides itself on being the only streaming music service that’s partially owned by musicians. Even after Square acquires a majority stake of Tidal, the rest of the company’s shares will continue to be owned by musicians, Square said.
“Jack is one of the greatest minds of our times, and our many discussions about Tidal’s endless possibilities have made me even more inspired about its future,” Jay Z said on Thursday. “This shared vision makes me even more excited to join the Square board.”
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