Square buys majority stake in Tidal to create artist-driven business
Thursday, March 4, 2021 at 10:00PM It might seem like an unusual deal, but fintech company Square wants to invest in the future of streaming service Tidal. Square bought a majority stake in Tidal that's equivalent to US$297 million in cash and stock. It cuts out third-party investors and only keeps artists invested in the company to hold the rest of Tidal's shares.
Tidal's former majority owner and renowned rapper Jay-Z will also join Square's board of directors to help oversee Square's businesses, including Seller and Cash app. Square's head of hardware, Jesse Dorogusker, will become Tidal's interim leader.
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