Square is buying Jay-Z's Tidal for $297 million
Jay-Z will join Square's board of directors.
Square is acquiring Tidal, Jay Z's music streaming service, for $297 million in cash and stock. Jay-Z, also known as Shawn Carter, will join Square's board of directors.
The company said Tidal will "operate independently" within Square, adding that it plans to use Tidal "to help musicians find new ways to support their work." Jesse Dorogusker will serve as interim lead of Tidal once the acquisition is completed.
In recent months, Square CEO Jack Dorsey has been seen socializing with Jay-Z and his wife, Beyoncé.