Todd Spangler NY Digital EditorSquare, the payments-processing company led by CEO Jack Dorsey, announced plans to buy a “significant” majority stake in Tidal, the music and entertainment streaming platform run by Jay-Z.Square said it expects to pay a $297 million, in a combination of cash and stock, for the Tidal stake, with existing artist shareholders the remaining stakeholders.
Tidal will operate independently within Square. Shawn “Jay-Z” Carter is expected to join Square’s board, subject to the closing of the transaction.The deal will extend Square’s “purpose of economic empowerment” to musicians — a new category for the payments company.
Read more on variety.com