Thanks for contacting us. Jay-Z will also join Square’s board of directors once the deal closes in the second quarter of this year, the company said Thursday. JAY-Z . Sign up for free newsletters and get more CNBC delivered to your inbox. The deal looks like a coup for Jay-Z, who had been seeking buyers for Tidal as early as 2017, as The Post previously reported. Live at The Meadows 2017. 2 min E xplicit Video. Square plans to pay $297 million for a stake in the Tidal music platform and says hip-hop artist Shawn 'Jay-Z' Carter will join its board when the deal closes. Jay-Z purchased Tidal for $56 million back in 2014, and Sprint invested $200 million into it a while later. Do Not Sell My Personal Information, Your California Privacy Rights TIDAL was launched in 2010 across Scandinavia under its original name of WimP, offering both a standard and hi-def audio package. © 2021 CNBC LLC. Square has reached a deal with Jay-Z to take control of Tidal in an attempt to rejuvenate the struggling music streamer. 43,194, This story has been shared 33,764 times. 32 min Video. Tidal’s Shawn “Jay-Z” Carter will join Square’s board of directors. Tidal … Shares of … The announcement came after Dorsey and Jay-Z dropped several hints that they were cooking something up. In its core business, Square aims to … “Jay Z & Jack” - Tidal sold to Square. Jack Dorsey’s payment-processing company Square, Inc. has purchased a “significant” majority ownership stake in Jay-Z’s Tidal for $297 million in cash and stock. JAY-Z bought TIDAL in 2015 for $56 million USD , which boasts certain content from top-tier artists exclusive to the site. Jay-Z, born Shawn Carter, will keep a Tidal stake as part of a group of artist-owners that will constitute the service’s second-largest shareholder, according to Dorsey. The deal is expected to be a mix of cash and stock of $297 million. Square will pay $297 million in cash and stock for Tidal, Jay-Z will be named to Square's board, and artists who own shares in Tidal will remain stakeholders. Mobile payments group will pay nearly $300m in a mixture of cash and stock . Get this delivered to your inbox, and more info about our products and services. Share. Post was not sent - check your email addresses! Other Tidal artist-owners include Beyoncé, Alicia Keys, Coldplay’s Chris … JAY-Z. Jay-Z, who bought Tidal in 2015 for $56 million, will join Square's board of directors. Payments company Square, run by CEO Jack Dorsey (L), is buying a majority stake in Jay-Z's Tidal music-streaming service. Square plans to pay $297 million for a stake in the Tidal music platform and says hip-hop artist Shawn 'Jay-Z' Carter will join its board when the deal closes. 4:44 ... Live at TIDAL X Brooklyn. Artist-owners included Coldplay, Rihanna, Daft … JAY-Z. Square, which is run by Twitter co-founder Jack Dorsey, was founded in 2009 to offer financial tools for small businesses. MadameNoire Featured Video Jay Z caused the Stockholm exchange to come to a stop–kind of. Square is acquiring a 'significant majority' of Jay-Z's Tidal in $297M deal . Kanye West's decision to initially release his album The Life of Pablo as a Tidal streaming exclusive led to criticism from fans, who felt that streaming exclusivity could promote piracy. Jay-Z, who bought Tidal in 2015 for $56 million, will join Square's board of directors. As part of the deal, Tidal board member and shareholder Jay-Z will join Square’s Board of Directors. Under the deal, Square will pay $297 million in cash and stock for Tidal, Jay-Z will be named to Square's board of directors, and he and other artists who currently own shares in Tidal will remain stakeholders. We told you in January that the most shocking deal of 2021 might happen… and now Jay-Z’s Tidal … Data is a real-time snapshot *Data is delayed at least 15 minutes. Carrie Mihalcik. Jay Z bought Tidal three years ago and his wife Beyonce and other artists … Tidal's Shawn "Jay-Z" Carter will join Square's board of directors. Square, Jack Dorsey's digital payments company, is acquiring a majority ownership stake in the music streaming service Tidal. Jay-Z (L) and Jack Dorsey Your California Privacy Rights Dorsey said Jay-Z will also "help lead our entire company, including Seller and the Cash App, as soon as the deal closes.". That group also includes stars like Rihanna, Madonna and Alicia Keys. Jay-Z, born Shawn Carter, will keep a Tidal stake as part of a group of artist-owners that will constitute the service’s second-largest shareholder, according to Dorsey. Shares of the San Francisco … The launch of his streaming music company Tidal (owned in partnership with lots of … CBS reportedly paid $7M for Prince Harry, Meghan Markle interview, Tony Hendra, British humorist who shrunk ‘Spinal Tap’s’ Stonehenge, dead at 79, Nicolas Cage marries fifth wife, 26-year-old Riko Shibata, Sacha Baron Cohen Sells Celebs COVID-19 Vaccines in Wild Jimmy Kimmel Interview, © 2021 NYP Holdings, Inc. All Rights Reserved, Square reportedly interested in buying Tidal from Jay-Z, Rapper Jay Electronica releases debut album ‘A Written Testimony’, Jay-Z returns to Spotify on his 50th birthday, Norway probes Tidal for inflating streaming numbers, TikTok collector reunites families with lost photos and videos, These air fryers will make cooking super easy, and they’re all on sale now, Coach's new Sephora collection is just what you need for spring, Danessa Myricks launches namesake beauty brand at Sephora, The 9 best breathable face masks for safely working out in, Where to buy new KF94 masks online to protect yourself from COVID-19. Square, 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 founded by Jay-Z. Under the terms of the $297 million deal, Tidal's co-owners, who include music stars Beyoncé, Madonna and Rihanna, will become shareholders in the new enterprise. Existing artist shareholders will be the remaining stakeholders, Square said. Furthermore, JAY-Z will join Square’s board of directors. But Square investors appeared unconvinced — the company’s stock price slid 1.7 percent on the news to $231.21 shortly after Thursday’s opening bell. 33,764, © 2021 NYP Holdings, Inc. All Rights Reserved Sitemap U.S. payments firm Square is to buy a majority stake in rapper Jay-Z's Tidal streaming service. According to the report, Square (SQ) CEO Jack Dorsey has … Since 1996, Songwriters Hall of Fame inductee and 22-time GRAMMY award-winner, Shawn “JAY-Z” Carter has been a dominant force in popular culture. The American rapper Jay Z is selling a stake in his Tidal music streaming business to the telecoms company, Sprint. It added that Jay-Z, whose real name is Shawn Carter, would join its board. Jay-Z, born Shawn Carter, will keep a Tidal stake as part of a group of artist-owners that will constitute the service’s second-largest shareholder, according to Dorsey. Square Inc. has announced that it has entered into an agreement to acquire a majority ownership stake in the Jay-Z helmed TIDAL. 63,040, This story has been shared 43,194 times. Top Tracks. Tidal was founded in Norway in 2014 before being bought by a consortium of artists led by Jay-Z the following year for $56 million. JAY-Z. BAM (Live at Made In America 2017) JAY-Z Damian "Jr. Gong" Marley. Open in Desktop App. Tidal will operate independently and existing artist shareholders will maintain ownership, Square said. Payments firm Square Inc on Thursday agreed to buy a majority ownership stake in Tidal, a music streaming service owned by rapper Jay Z, for $297 million in cash and stock. Square's stock was down about 3% in the morning. JAY-Z. Do Not Sell My Personal Information. Square will pay $297 million in cash and stock, the companies revealed this morning. The deal is expected to be a mix of cash and stock of $297 million. The San Francisco payments company said Jay-Z will join its board as part of the $297 million cash-and-stock deal, and Tidal’s current shareholders will remain co-owners. Jay Z bought Tidal for $56 million in 2015 from Swedish company Aspiro. Most recently, the company officially launched its banking operations. S quare has held talks to buy the music-streaming platform Tidal as part of a move to diversify its services, Bloomberg reported. The Story of O.J. Katy Perry and Orlando Bloom vacation in Hawaii with baby Daisy Dove, Railing collapse that sent 7 students falling to their deaths seen in scary video, NYC renter discovers hidden ‘Candyman’ room behind bathroom mirror, Rudy Giuliani’s daughter Caroline graphically details why she loves threesomes, Pregnant Meghan Markle 'hissed' at staffer in 2018, left her in 'tears': report. Square, Inc. to buy majority of Tidal and put Jay-Z on board. Privacy Notice Jay-Z purchased Tidal for $56 million back in 2014, and Sprint invested $200 million into it a while later. Your Ad Choices We want to hear from you. Square, Jack Dorsey's digital payments company, is acquiring a majority ownership stake in the music streaming service Tidal, the company announced Thursday. Square has launched its own bank in an effort to 'operate more nimbly', officially launched its banking operations. The music streaming service will operate independently under Square. Dream. Square will pay $297 million in cash and stock, the companies revealed this morning. The service has been dragged down by weak subscriber numbers — thought to be between 1 and 5 million, paltry compared to Spotify’s 345 million active users — and high turnover in its executive suite. Square will pay $297 million in stock and cash for the stake in Tidal and Jay-Z will join Square’s board while retaining a smaller stake in the music streaming company. JAY-Z. Tidal has struggled to keep up in the music streaming wars since its launch, and Dorsey's stake could help push the company forward. JAY-Z. Carrier’s air-conditioned stock. The pair was spotted lounging on a yacht in the Hamptons with Jay-Z’s superstar wife Beyoncé in August before news leaked in December that they were discussing a Square-Tidal tie-up. All Rights Reserved. E xplicit M aster. 83 min Video. Square will pay $297 million in stock and cash for the stake in Tidal and Jay-Z will join Square’s board while retaining a smaller stake in the music streaming company. “I said from the beginning that Tidal … Jack Dorsey’s payment-processing company Square, Inc. has purchased a “significant” majority ownership stake in Jay-Z’s Tidal for $297 million in cash and stock. The platform’s former parent company Aspiro changed WimP’s name to TIDAL in March 2015 ahead of is acquisition by Project Panther Bidco, led by Jay Z. “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 said. Jay-Z responded to criticism with a freestyle during the Tidal X: Jaÿ-Z B-Sides concert. The move is an effort to diversify Square, which is well known for its credit card processor, payment hardware and Cash App. The She-cession. Sorry, your blog cannot share posts by email. TIDAL is the global music and entertainment platform … Artist Bio. 106 min Video. A Division of NBCUniversal. March 4, 2021 | 10:08am | Updated March 4, 2021 | 10:08am. He compares Tidal with Apple and Nike and says that Tidal has been subjected to hypocritical criticism. With multiple businesses and accolades across … JAY-Z bought TIDAL in 2015 for $56 million USD , which boasts certain content from top-tier artists exclusive to the site. Article content. Square to buy majority stake in Jay-Z’s Tidal streaming platform. Live at Made In America 2017. Tidal was founded in Norway in 2014 before being bought by a consortium of artists led by Jay-Z the following year for $56 million. The Cash App owner plans to help Tidal musicians grow their businesses and fanbases by building collaboration tools, making it easier to sell merchandise and creating “entirely new listening experiences,” Dorsey said. Tidal's Shawn "Jay-Z" Carter will join Square's board of directors. Terms of Use Jay-Z bought Tidal for roughly $56 million in 2015 from Norwegian entrepreneurs. Square will pay $297 million in cash and stock for Tidal, Jay-Z will be named to Square's board, and artists who own shares in Tidal will remain stakeholders. Furthermore, JAY-Z will join Square’s board of directors. Last month, Dorsey said the pair endowed a bitcoin trust to support the digital coin's development in Africa and India. In 2015, Jay-Z led a consortium of artists in a $56 million deal to acquire Norwegian streaming company Aspiro. The music superstar Jay-Z , aka Shawn Carter, will join Square’s board of directors as part of the deal. Jay-Z and Dorsey have also partnered in the past. Jay-Z, a rapper and music industry businessman, acquired Tidal for $56 million in early 2015. Square did not disclose the percentage of its ownership via the cash and stock deal. Analysts … Square said it doesn't expect Tidal's financial results to have a material impact on Square's consolidated revenue or gross profit in 2021. Jay-Z, who bought Tidal in 2015 for $56 million, will join Square's board of directors. The transaction itself, meanwhile, is slated to be closed in the second quarter of 2021. Square (ticker: SQ) said Thursday it would spend $279 million in cash and stock for a “significant majority stake” in Tidal, a streaming service owned by Jay-Z. Got a confidential news tip? Play on TIDAL. Under the deal, Square will pay $297 million in cash and stock for Tidal, Jay-Z will be named to Square's board of directors, and he and other artists who currently own shares in Tidal will remain stakeholders.. We've received your submission. Financial technology company Square, Inc. says it has reached an agreement to acquire a "significant majority ownership" of Tidal, the music streaming service partly owned by Jay-Z. The deal is expected to be a mix of cash and stock of $297 million and is expected to close in the second quarter of 2021. The Jack Dorsey-led financial services firm will pay $297 million in cash and stock for a “significant majority ownership stake” in Tidal, which the Brooklyn-born rapper acquired for $56 million in 2015. “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,” Jay-Z said of his new partner on Twitter, which Dorsey also leads as CEO. Jay-Z, and other artists that made deals with Tidal, also retained their music exclusively to the service. On. Jay-Z, a rapper and music industry businessman, acquired Tidal for $56 million in early 2015. UK launches antitrust probe into Apple's App Store, This story has been shared 63,040 times. The music superstar Jay-Z , aka Shawn Carter, will join Square’s board of directors as part of the deal. Artist-owners included Coldplay, Rihanna, Daft Punk, and … Rapper and entrepreneur Jay-Z bought Tidal in 2015 for $56 million, and relaunched it as an artist-owned service offering higher-fidelity music than its streaming rivals, such as Spotify SA … Jay-Z, a rapper and music industry businessman, acquired Tidal for $56 million in early 2015. Dorsey contends that Square can help Tidal fulfill its mission of supporting the artists behind the more than 70 million songs available to stream on its platform, which has struggled to compete with larger rivals such as Spotify and Apple Music. Jack Dorsey's Square will pay $297 million for Tidal, Jay-Z will be named to Square's board of directors, and he and other artists who currently own shares in Tidal will remain stakeholders. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.
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