The service, which counts artists such as Coldplay and Daft Punk as owners, differentiated itself by offering high-quality audio and video and paying better royalty rates to artists than rivals such as Spotify. Square, the payments company founded and run by Twitter CEO Jack Dorsey, announced it has agreed to acquire a majority stake in Jay-Z’s music streaming service, Tidal. Square said it has taken a “significant majority ownership stake” in Tidal, which Jay-Z bought in partnership with other artists for $56m in 2015. While Jay-Z will now join Square’s board of directors, the company also controls the micro-blogging app “Twitter”. The new deal as it in its terms, that the superstar shareholders of the music streaming app who include Beyoncé, Madonna and Rihanna, will retain their stakes and become the second-largest shareholders. 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. In a deal that basically no one was anticipating, payment service Square announced yesterday that it will acquire a majority stake in Tidal, the music-streaming platform co-owned by Jay-Z, for 297 million in cash and stock. Jay is on a roll and there seems not to be a slow down from him anytime soon. READ ALSO: AC Milan And Jay Z’s Roc Nation Confirm Partnership The ace rapper turn business mogul acquired Tidal back in 2015 for just $56m, this sales is coming just weeks after he sold half of his stake in his luxury drink firm Ace of Spades to the luxury product international conglomerate LVMH. Jay Z acquired the music streaming app back in 2015 for $56 million but now sells for roughly $241 million dollars more. American rapper and ace music executive Jay Z makes another major big move as he sells the majority shares of his audio and video music streaming app “Tidal” to the tech company “Square” owned by Twitter CEO Jack Dorsey for $297 million. Square CEO Jack Dorsey has held talks with Jay-Z about his payments firm acquiring Tidal, the Brooklyn-born rappers music streaming service, a new report says.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |