TIDAL SOLD TO SQUARE hot941.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hot941.com Daily Mail and Mail on Sunday newspapers.
Done deal.
JAY-Z has agreed to sell the majority of TIDAL to Square, Inc. for an aggregate consideration of $302 million. Last month, Jack Dorsey’s company announced that it would be acquiring the streaming music service, but the deal didn’t actually close until Friday (April 30).
Square will take 80 percent ownership of TIDAL, along with licensing deals with major record labels. The existing artist shareholders will continue to be co-owners including Beyoncé, Rihanna, Kanye West, Madonna, Alicia Keys, and Nicki Minaj.
JAY-Z is expected to join Square’s Board of Directors, while Square executive Jesse Dorogusker will lead in the interim until a new Head of Tidal is found. The deal allows Square to extend its platform to musicians by giving them systems, tools, and financial freedom to reach their goals.
JAY-Z sat down with the
New York Timesfor a video interview over the weekend. Alongside Puma CEO Bjorn Gulden, the Roc Nation mogul spoke about their new Only See Great campaign, life during the pandemic and fame. But somewhere during the conversation, the topic of cancel culture came up and JAY-Z wound up inadvertently explaining why he refuses to participate in social media.
When asked if he’d use it more if he was still in his 20s, JAY-Z delivered a swift, “No” and also agreed cancel culture wasn’t going anywhere anytime soon. It’s quite possible that plays a major role in his decision not to use Twitter or Instagram on a regular basis like so many of his peers.