Jack Dorsey is most famously known for being the co-founder and CEO of Twitter and co-founder and CEO of Square. There have been rumors that Dorsey was in talks to buy Jay-Z’s streaming platform Tidal.
Now it has come to light that these rumors were more than true and the deal is soon to be finalized.
Square will purchase a significant majority of Tidal for a whopping $297 million in stock and cash. Earlier this week, Jay-Z bought back 33 percent of Tidal from T-Mobile. Most of this will be sold to Square according to the new deal.
Dorsey shared a series of Tweets giving the details of this new venture. He wrote,
Square is acquiring a majority ownership stake in TIDAL through a new joint venture, with the original artists becoming the second largest group of shareholders, and JAY-Z joining the Square board. Why would a music streaming company and a financial services company join forces?! It comes down to a simple idea: finding new ways for artists to support their work. New ideas are found at the intersections, and we believe there’s a compelling one between music and the economy. Making the economy work for artists is similar to what Square has done for sellers.
Jay-Z confirmed this partnership through his tweets mentioning that he is looking forward to this new venture. He also mentioned how this will be a step in creating a platform for new artists.
Find Dorsey’s tweets below –
What do you think will be the future of Square and Tidal? Do you think new artists will get a much needed platform? Let us know in the comments below.