JAY-Z has completed the sale of his streaming service Tidal to Jack Dorsey’s financial services company, Square.
The rap mogul launched the concept six years ago with a star-studded media event featuring his wife Beyonce, Madonna, Alicia Keys, and Kanye West, and now insiders claim he has sold the majority of the company for $350 million (£253 million).
The deal went down on Friday morning (30Apr21), according to TMZ.
Twitter co-founder Jack announced he was planning to buy Tidal from pal JAY-Z in March (21).
Square picks up 80 per cent of the ownership of Tidal, along with licensing deals with the major record labels and all the artists/owners will remain with the company too.
JAY-Z and his Roc Nation CEO Desiree Perez will reportedly help the new owners run Tidal.
– Cover Media