JAY-Z has reportedly closed the deal to sell the majority of his streaming company TIDAL for $350 million to Square Inc.
Back in March, he shared a few tweets about the sale of TIDAL to Square Inc. owned by Jack Dorsey, co-founder and chief executive of Twitter. But, per TMZ, JAY-Z closed the deal on Friday. The digital platform initially launched in 2015 for $56 million in partnership with other artists including Beyonce, Alicia Keys, Kanye West and more who are part shareholders.
Square Inc. will receive 80% ownership of TIDAL, additionally, the tech company is set to acquire licensing deals with major record labels. All artists/owners will reportedly stay with the company. JAY-Z and Roc Nation CEO, Desiree Perez will stay on and help run TIDAL.
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