Another week, another deal for the Jigga Man. This time a deal that has been rumored to be in the works for some time finally came to fruition. Jack Dorsey’s Square, the well-known mobile payment system, is acquiring a “significant majority” of Tidal, Jay-Z’s streaming music service to the tune of $297 million USD.
The deal is said to be in cash and in stock with Jay Z getting a board seat at Square. This news comes less than two weeks after the announcement that LVMH would be acquiring Jay-Z’s champagne company Armand de Brignac aka Ace of Spades.
Jay-Z was bought in partnership with other artists in 2015 for $56 million USD and sold 33 percent of the company to Sprint in 2017.
According to a Square executive, Square will be offering financial tools to help Tidal’s artists collect revenue and manage their finances.
Notable Quotes: “Why would a music streaming company and a financial services company join forces?!” Dorsey wrote. “It comes down to a simple idea: finding new ways for artists to support their work. Making the economy work for artists is similar to what Square has done for sellers.” – Jack Dorsey, CEO Square