Square expects to pay a mix of cash and stock of 297 million for a ‘significant majority’ ownership stake. has entered into a definitive agreement to acquire a majority ownership stake in music streaming platform, TIDAL. From there, the company has grown into a billion-dollar industry now with the collaboration of Tidal, Square is only going to do better, and bigger, things. Jack Dorsey-led financial services company Square, Inc. The new partnership is aiming to translate the success of. Square was started as a way to give aspiring business owners an easier way to take credit cards. Now it’s surfaced that the fintech company is slated to buy a majority stake in the niche music streaming service for 297 million. The big mantra of the company is helping every size of any business succeed. Tidal was built on an artist-owned and led model and Dorsey believes the new Square and Tidal partnership will result in greater success with a focus on artists’ needs and growing their. Last week, the digital payments specialist announced it is acquiring a majority ownership stake in TIDAL. Semrush is a leading online visibility management SaaS platform. Square is a popular service that allows users to buy, sell, and send money using any Apple or Android device. Square (SQ) is eying up opportunity in the struggling music biz. Dorsey, announced on Thursday its plan to acquire a significant majority of Tidal, the streaming music service owned by Jay-Z and other artists. RELATED: Jay-Z Adds Champagne To His Million-Dollar Businesses With New Partnership Square, the mobile payments company led by Mr. It has also been reported that earlier this week, the Brooklyn native bought back the shares from T-Mobile which will most likely be sold to Square as apart of the deal. Existing artist shareholders will be the remaining stakeholders, the announcement said, and Shawn JAY-Z Carter would be named to Square’s board of directors. In 2017, Jay-Z sold 33 percent of the company to Sprint at an undisclosed amount, as reported by the New York Times. Square Inc (NYSE: SQ), the payments giant, announced today its acquisition of a majority interest in TIDAL, the audio and video streaming platform led by Jay-Z, for 297 million in cash and stock. But it’s a big payday for Jay-Z, the star rapper. CEO Jack Dorsey, who is also the co-founder of Twitter, is excited for the opportunity to further the expansion of Tidal. “It comes down to one simple idea: finding new ways for artists to support their work,” Dorsey stated in his interview upon announcing the deal. And Square said Tidal’s revenue, which it didn’t disclose, is so small that it would have no material impact on its financial results in 2021. The streaming service gives members access to music, music videos, and other content. Tidal was bought from Jay-Z in 2015 for $56 million with partnerships from other artists, which include Beyoncé and Rihanna.
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