San Francisco, March 5 (Ians) Twitter CEO Jack Dorsey-run financial services company Square has acquired a majority stake in Tidal, the high-fidelity audio and video streaming service led by rapper-businessman Jay-Z.
Dorsey said in a series of tweets that 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.
Square is paying $297 million in cash and stock for the deal.
"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," Dorsey tweeted late on Thursday.
"Given what Square has been able to do for sellers of all sizes and individuals through Cash App, we believe we can now work for artists to see the same success for them, and us," tweeted Dorsey.
Dorsey said in a series of tweets that 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.
Square is paying $297 million in cash and stock for the deal.
"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," Dorsey tweeted late on Thursday.
"Given what Square has been able to do for sellers of all sizes and individuals through Cash App, we believe we can now work for artists to see the same success for them, and us," tweeted Dorsey.
- 3/5/2021
- by Glamsham Bureau
- GlamSham
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