It appears like Jay-Z has acquired yet one more main deal, all inside a matter of per week. On Thursday, it was introduced, Jack Dorsey’s firm, Sq. Inc. plans to accumulate a majority stake in Jay-Z’s fashionable streaming service Tidal. As a lot of Jack Dorsey can also be the CEO of Twitter.
In line with the official announcement, Sq. plans to buy a majority stake of the streaming service with a mixture of money and inventory of $297 million. Together with the deal, Jay-Z will change into part of Sq.’s board of administrators.
Jay-Z spoke concerning the deal and stated, “I stated from the start that TIDAL was about extra than simply streaming music, and 6 years later, it has remained a platform that helps artists at each level of their careers. Artists deserve higher instruments to help them of their artistic journey. Jack and I’ve had many discussions about TIDAL’s infinite prospects which have made me much more impressed about its future.”
Jack Dorsey additionally spoke concerning the deal and stated, “It comes down to at least one easy thought: discovering new methods for artists to help their work. New concepts are discovered at intersections, and we imagine there’s a compelling one between music and the financial system.”
As we previously reported, simply final week, it was introduced that Jay-Z bought a 50% stake of his champagne firm Armand de Brignac to Moët Hennessy.
Jack Dorsey has additionally been making headlines inside the previous yr. Whether or not it was his collaboration with artists corresponding to Beyoncé, Rihanna and Massive Sean for COVID reduction. Or donation of $3 million to Colin Kaepernick’s “Know Your Rights Camp,” and even formally recognizing Juneteenth as an organization vacation at Twitter.
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TSR STAFF: Jade Ashley @Jade_Ashley94