JAY-Z Finalizes Deal to Sell TIDAL to Square for $350 Million
Written by B87FM on April 30, 2021
JAY-Z has agreed to promote nearly all of TIDAL to Sq., Inc. in a deal value a reported $350 million. Final month, Jack Dorsey’s firm introduced that it might be buying the streaming music service for $297 million, however the deal didn’t truly shut till Friday morning (April 30). In line with TMZ, the ultimate determine is available in at $350 million.
Sq. will take 80 p.c possession of TIDAL, together with licensing offers with main report labels. The present artist shareholders will proceed to be co-owners together with Beyoncé, Rihanna, Kanye West, Madonna, Alicia Keys, and Nicki Minaj.
JAY-Z is predicted to affix Sq.’s Board of Administrators, whereas Roc Nation CEO Desiree Perez will keep on board to assist run TIDAL, which can function independently inside Sq.. The deal permits Sq. to increase its platform to musicians by giving them programs, instruments, and monetary freedom to achieve their objectives.
This partnership will likely be a game-changer for a lot of. I look ahead to all this new chapter has to supply!
— Mr. Carter (@sc) March 4, 2021
“It comes down to at least one easy concept: discovering new methods for artists to help their work,” mentioned Sq. CEO Jack Dorsey. “New concepts are discovered at intersections, and we consider there’s a compelling one between music and the economic system. I knew TIDAL was one thing particular as quickly as I skilled it, and it’ll proceed to be the most effective dwelling for music, musicians, and tradition.”
JAY-Z acquired TIDAL from Swedish firm Aspiro in March 2015 for a reported $56 million. In 2017, he bought 33 p.c of it to Dash for an undisclosed quantity.
“I mentioned from the start that TIDAL was about extra than simply streaming music, and 6 years later, it has remained a platform that helps artists at each level of their careers,” mentioned JAY-Z. “This partnership will likely be a game-changer for a lot of. I look ahead to all this new chapter has to supply!”
Earlier this yr, hip-hop’s first billionaire bought half of his luxurious champagne model Armand de Brignac aka Ace of Spades to LVMH Moët Hennessy Louis Vuitton. His enterprise capital agency, Marcy Enterprise Companions, additionally just lately invested in L.A.-based health firm LIT Methodology.