![]() ![]() Jesse Dorogusker, the Square executive stepping in to lead Tidal, told the Times Dorsey and Jay-Z began discussing the deal “a few months ago.” Which, of course, lines up with that late-August Hamptons hangout. Jay-Z previously sold a third of the company to Sprint in 2017 he bought back the shares he sold from T-Mobile, which now owns Sprint, last week, per the New York Times. Dorsey announced Thursday that mobile payments company Square had acquired a majority stake in Tidal, the music streaming service owned by Shawn 'Jay-Z' Carter and other artists. Jay-Z bought Tidal in 2015, touting the service as artist-owned alongside other musicians including Rihanna, Kanye West, and his wife, Beyoncé. Square, the mobile payments company led by Mr. And he tweeted it all alongside a Tidal playlist from Jay-Z, “celebrating artists and the entrepreneurial spirit,” featuring songs like Drake’s “Started From the Bottom,” Puff Daddy’s “Victory,” and Frank Sinatra’s “Come Fly With Me.” “We’re going to start small and focus on the most critical needs of artists and growing their fanbases.” Dorsey also said Jay-Z’s new spot on the board will touch the entire company, not just Tidal. QN90di6zWD- TIDAL March 4, 2021ĭorsey tweeted that the deal began from “a simple idea: finding new ways for artists to support their work.” “Given what Square has been able to do for sellers of all sizes and individuals through Cash App, we believe we can now work for artists to see the same success for them, and us,” he added in another tweet. ![]() Our mission to empower artists continues. But it’s inching into the music industry with plans to buy streaming service. Ma5:05am Jay-Z, Jack Dorsey Courtesy of Raven Varona / Hermione Hodgson Square, the mobile payments firm run by Jack Dorsey, has agreed to acquire a majority stake in Jay-Z’s music. “This shared vision makes me even more excited to join the Square board.” Daren Fonda Ma11:42 am ET Order Reprints Print Article Square may not be a music-streaming app just yet. In connection with the deal, Square plans to name Shawn JAY-Z Carter to Board of Directors. In a series of tweets, Jay-Z called the deal “a game-changer for many.” “Jack is one of the greatest minds of our times, and our many discussions about TIDAL’s endless possibilities have made me even more inspired about its future,” he wrote. (Hopefully he can get time off for the Rock and Roll Hall of Fame induction.) “Square and TIDAL will continue to empower artists and create a more sustainable, collaborative, and beneficial music industry,” the companies said in a statement announcing the deal. Square purchased the streaming service for $297 million, and Tidal co-owner Jay-Z will now sit on Square’s board. Tidal, Jay-Z’s exclusive streaming service, has been sold to Square, the point-of-sale services company cofounded by Twitter CEO Jack Dorsey. Well at least this explains that Hamptons boat trip. Photo-Illustration: Vulture and Getty Images Jay-Z and Jack Dorsey, from friends to business partners. ![]()
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