Jay-Z has reportedly closed on the deal to sell 80% ownership of Tidal to Jack Dorsey's Square, Inc. for $350 million.
It feels like just yesterday that Jay-Z had unveiled Tidal and announced that artists such as Kanye West, Beyoncé, Daft Punk, Nicki Minaj, Rihanna, Usher, and J. Cole were also owners of the fledgling streaming service. Well, six years and plenty of Tidal bars later, Hov's streaming service appears to be one of the best investments that he made over the past decade.
At the top of March, it was revealed that Square, Inc. would be acquiring a majority stake in Tidal for a reported $297 million. Now, Jay-Z's deal with Square has reportedly closed and landed on a slightly larger figure at $350 million.
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According to TMZ, Square, Inc. will receive 80% ownership of Tidal, along with licensing deals with the major record labels in exchange for the hefty $350 million sum, and all of the previous artists/owners will remain with the company too. The recently pardoned Roc Nation CEO Desiree Perez allegedly helped broker the deal, and TMZ reports that she will also stay on board to help run the streaming service.
By closing this huge deal with Square, Inc., Hov has made himself and the rest of Tidal's owners a nice chunk of change, proving once again that he's not a businessman, he's a business, man! Congratulations to Jay-Z on this monumental deal.