Square is the new owner of music streaming service TIDAL.
According to RapUp, its official JAY-Z has agreed to sell the majority of TIDAL to Square, Inc. for $302 million.
This comes after last month, Jack Dorsey’s company announced that it would be acquiring the streaming music service, but the deal didn’t actually close until Friday (April 30).
According to the deal, Square will take 80 percent ownership of TIDAL, along with licensing deals with major record labels.
The remaining 10% will remain with the existing artist shareholders to be co-owners including Beyoncé, Rihanna, Kanye West, Madonna, Alicia Keys, and Nicki Minaj.
JAY-Z is expected to join Square’s Board of Directors, while Square executive Jesse Dorogusker will lead in the interim until a new Head of Tidal is found. The deal allows Square to extend its platform to musicians by giving them systems, tools, and financial freedom to reach their goals.
“It comes down to one simple idea: finding new ways for artists to support their work,” said Square CEO Jack Dorsey. “New ideas are found at intersections, and we believe there’s a compelling one between music and the economy. I knew TIDAL was something special as soon as I experienced it, and it will continue to be the best home for music, musicians, and culture.”
JAY-Z acquired TIDAL from Swedish company Aspiro in March 2015 for a reported $56 million. In 2017, he sold 33 percent of it to Sprint for an undisclosed amount.
“I said from the beginning that TIDAL was about more than just streaming music, and six years later, it has remained a platform that supports artists at every point in their careers,” said JAY-Z. “This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!”