Square to Buy Majority Stake in Jay-Z's Tidal Platform for $297 Million
By Colin Kellaher
Square Inc. on Thursday said it agreed to buy a significant
majority ownership stake in Tidal, a music and entertainment
platform owned by rapper Shawn "Jay-Z" Carter and other artists,
for $297 million in cash and stock.
The San Francisco digital-payments company said Mr. Carter will
join its board as part of the deal, and Tidal's current
shareholders will remain co-owners.
Square said the deal will help musicians find new ways to
support their work. The company said Tidal will operate
independently within Square, alongside its seller and cash app
Square said it expects to complete the transaction in the second
quarter, adding that it doesn't expect the deal to have a material
impact on its consolidated revenue or gross profit this year.
Mr. Carter's deal with Square comes after last month's agreement
to sell a 50% stake in Armand de Brignac, his high-end Champagne
brand, to luxury house LVMH Moet Hennessy Louis Vuitton SE.
Write to Colin Kellaher at email@example.com
(END) Dow Jones Newswires
March 04, 2021 08:42 ET (13:42 GMT)
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