Forbes is reporting legendary rapper and entrepreneur Jay-Z has reached an agreement with Square, Inc. to acquire TIDAL streaming service. Jack Dorsey, Square CEO and founder of Twitter, announced the $297 million joint venture deal on Thursday. The tech tycoon addressed the impending sale saying in part…
“Square is acquiring a majority ownership stake in TIDAL, through a new joint venture, with the original artists being the second largest group of shareholders, and Jay-Z joining the Square board.”
Jay-Z first acquired TIDAL from its Norwegian leadership back in early 2015 for a reported $56.2 million US. In 2017 Sprint bought a 33% stake in TIDAL for $200 million. The TIDAL brand has proven to be a winner time and again in its short life.
As awesome as this deal is, it’s actually not the biggest thing of late the The Black Album author has going on. He recently sold a 50% stake in his Armond De Brignac champagne brand for a whopping $630 million. It was purchased by the same company that owns Dom Pérignon, LVHM.
Oh how the stars will align sometimes. Until the next time it drips….