Square acquires majority stake in music streaming service Tidal

Payments company Square is buying a majority stake in Tidal, the music streaming service backed and owned by performing artists such as Jay-Z, Beyoncé and Rihanna, among others. 

According to a press statement, Square will pay $297 million in cash and stock to secure the majority stake and "existing artist shareholders will be the remaining stakeholders." Tidal will continue to operate independently, and Jay-Z will be named to Square's board of directors.

In a tweet thread, Square CEO Jack Dorsey wrote that "[i]t 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."

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