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Jay-Z Sells Majority Stake in Tidal to Jack Dorsey’s Square for $297 Million
Sentiment: NeutralHigh Priority
What Happened?
In 2015, Jay-Z acquired Tidal for $56 million, aiming to empower artists. In 2021, Square purchased a majority stake for $297 million, allowing Jay-Z to retain minority ownership.
Key points
- Jay-Z bought Tidal in 2015 for approximately $56 million.
- The acquisition was completed in March 2015, involving a group of prominent artists.
- Square announced the acquisition of a majority stake in Tidal on March 4, 2021.
- The deal was valued at $297 million, with Jay-Z expected to join Square’s board.
- The transaction was finalized on April 30, 2021, with Square acquiring an 86.8% interest.
Key insights
- The deal signifies a shift in how financial technology companies engage with the music industry.
- Jay-Z's continued involvement highlights the importance of artist representation in business.
- The substantial increase in Tidal's valuation over six years illustrates the growing market for music streaming.
Why it matters
This acquisition reflects the evolving landscape of music streaming and artist ownership.
Entities
Jay-Z· PersonTidal· CompanySquare· CompanyJack Dorsey· PersonBeyoncé· PersonAlicia Keys· PersonRihanna· PersonMadonna· PersonUsher· PersonNicki Minaj· PersonChris Martin· PersonAspiro· CompanyNorwegian· Country
Source
Times of India
