Financial services company Square, Inc., founded by Twitter CEO Jack Dorsey, will acquire "a significant majority ownership stake" of JAY-Z-led streaming service TIDAL in a deal worth $297 million in cash and stock, according to Bloomberg.
TIDAL will continue to operate independently alongside Square, and JAY-Z will also join Square’s board of directors as part of the deal. “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,” Dorsey said in a statement about the deal, also adding that Square's stake in TIDAL will help support artists. “Square created ecosystems of tools for sellers & individuals, and we’ll do the.
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