Jay-Z has reportedly completed the sale of his stake in the streaming service to Tidal to payment processor Square, founded by Twitter CEO Jack Dorsey.
Square bought Jay-Z’s controlling stake in the streaming service for $ 390 million ($ 302 million), according to TMZ, making Square the majority owner. The deal will also see Jay-Z serve on Square’s board of directors.
Tidal’s pre-existing artist shareholders – including Beyoncé, Daft Punk, Calvin Harris, Kanye West, Madonna and Nicki Minaj – will remain as stakeholders of the company.
Square first announced plans to buy Tidal in March, expecting to pay $ 297 million in cash and shares. The fintech company wanted to buy the platform to extend its “goal of economic empowerment to a new vertical: musicians”.
“I’ve said from the start that Tidal is more than music streaming, and six years later it has remained a platform that supports artists at every stage of their careers,” Jay-Z said in a communicated at the time.
“Artists deserve better tools to support them in their creative journey. Jack and I had many discussions about the endless possibilities of TIDAL which made me even more inspired by its future. This shared vision makes me even more excited to join Square’s board of directors. This partnership will be a game-changer for many. I can’t wait to see what this new chapter has to offer! “
MBW reports that the streaming service reported a 2019 operating loss of $ 55.3 million.