By DCisChillin
Pre-GRAMMY Gala and GRAMMY Salute to Industry Icons Honoring Sean Diddy Combs - Inside
The deal between Jay-Z s Tidal and Jack Dorsey s Square officially closed today (April 30).
It was first discussed in March that the deal was happening but it is now signed, sealed and delivered.
Jack Dorsey is the co-founder and CEO of Twitter and founder and CEO of Square. Square is more commonly known as Cash App.
For $350 million Square gets 80% ownership of Tidal along with licensing.
Jay-Z and Desiree Perez will stay on board to help run Tidal.
Jay-Z Closes Deal to Sell Tidal for $350M to Jack Dorsey s Company, Square
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According to reports, Jay-Z has agreed to sell his streaming platform Tidal to Jack Dorsey s company Square for $350 million. Hov launched Tidal back in 2015 for $56 million in partnership with several high-profile artists including Beyonce, Rihanna, Kanye West, Madonna, Alicia Keys, Calvin Harris, and Chris Martin.
The deal was officially closed Friday morning, but Dorsey announced the move back in March. Roc Nation CEO Desiree Perez reportedly helped broker the deal and will remain onboard to run things at Tidal. The $350 million price tag gives Square 80% control over the company, in addition, to control over licensing.
Jay-Z finalizes the sale of Tidal
Jay-Z (Photo credit: Bang Media)
Jay-Z made another mogul move and closed a business deal on Friday, April 30 to sell the majority interest in his streaming platform Tidal to the financial services company Square for $350 million. Square is owned by Jay-Z’s friend and business partner Jack Dorsey. The two announced the deal back in March but it wasn’t finalized until April 29.
According to “TMZ
,” Square gets 80 percent ownership of Tidal, along with licensing deals with the major record labels. All of the artists and owners currently involved will remain with the company too. Jay-Z will join Square’s board of directors as part of the agreement and Tidal will continue running as a separate company, but will now have Square’s software technology as one of its resources.
Roc Nation’s VC Neil Sirni lays out his investment strategy
Jay-Z’s Roc Nation announced in 2017 that it was forming a venture investment arm called Arrive. And the firm has been busy since then co-founder and president Neil Sirni said Arrive has made 29 investments thus far.
At the same time, Sirni hasn’t really said much about those investments publicly, or about the broader strategy. So he reached out to me a few months ago, suggesting that he was ready to provide more details about Arrive.
“We’re now three years, 29 investments in and expanding so it felt like the right time to start opening up a bit,” he said.
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.