APPLE INSIDER
Square, primarily known for creating mobile payment hardware, will pay $297 million in a mix of cash and stock to buy Jay-Z’s music streaming service, Tidal.
According to Jack Dorsey, Square’s CEO, the move was done to help artists support their work, similar to how Square and Cash App gave “small sellers a simple tool to participate more fully in the economy and grow.”
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. Why would a music streaming company and a financial services company join forces?!
— jack (@jack) March 4, 2021
Source: APPLE INSIDER