This news comes as TIDAL publish a new advert, claiming the streaming service pays out 4 times more than its competition. TIDAL’s previous parent company Project Panther Bidco’s latest financial filing reveal the streaming platform generated $166.9 million in 2019, up 26.4% YoY, which represents an operating loss in 2019 of $55.3 million. According to TMZ, following the acquisition, Jay-Z and Roc Nation CEO Desiree Perez will stay on the TIDAL board. Cole, Jack White, Jason Aldean, Kanye West, Lil Wayne, Madonna, Nicki Minaj, Rihanna, T.I. The remaining 20% stake will be held by the existing artist co-owners, including: Alicia Keys, Arcade Fire’s Win Butler and Regine Chassagne, Beyoncé, Calvin Harris, Coldplay’s Chris Martin, Daft Punk, Damian Marley, deadmau5, Indochine, J. However this most recent valuation at roughly $377.5 million, is around half the $600 million enterprise valuation achieved in 2017, when Sprint acquired a 33% minority stake for $200 million. F Financial services giant Square is acquiring a majority stake in Tidal, the music streaming service led by Jay-Z, the companies announced Thursday (March 4). More than 5 times the $56.2 million Jay-Z paid for TIDAL (then WiMP) in 2015. A Compelling Combination We like Squares deal for Tidal, Guggenheim’s Jeff Cantwell wrote in a note on Thursday, reiterating a Buy rating on the stock and bumping up his price target to. In 2015, Jay-Z acquired the struggling music streaming service for 56.2 million out of frustration that people are not respecting music. The 80% sale was finalized last week for $302 million. Last week, many investors wondered why Square announced a 297 million deal for a majority stake in TIDAL. This news and another deal for rapper Shawn ‘Jay-Z’ Carter, saw his net worth jump by 40% up to around $1.4 billion. Most recently, he sold half of his Ace of Spades champagne line to LVMH Moët Hennessy Louis Vuitton, also known as LVMH.Image Credit: Jay-Z Square’s majority stake along with the artist co-owners’ 20% stake, value the music streaming service at around $377.5 million.ĭigital payments company Square’s CEO Jack Dorsey and TIDAL owner Jay-Z confirmed the deal worth $297 million in March earlier this year. Jay has been making major boss moves as of late. Then, in 2017, Sprint bought a 33 percent stake in the streaming service. The big story: Square acquires Tidal Square announced this morning that it has purchased a majority stake in Tidal, the music streaming service founded by Jay-Z. In 2016, there were conversations about Apple buying TIDAL, which never materialized. Jay-Z launched TIDAL back in 2015, after winning a $56 million bid from Swedish streaming company Aspiro. I look forward to all this new chapter has to offer!" Square will pay 297 million in cash and stock for the significant majority ownership stake in Tidal, after which time Jay-Z, as a Tidal board member, will be added to Square’s Board of. This partnership will be a game-changer for many. This shared vision makes me even more excited to join the Square board. He added, "Jack is one of the greatest minds of our times, and our many discussions about TIDAL’s endless possibilities have made me even more inspired about its future. "Artists deserve better tools to assist them in their creative journey." "I said from the beginning that TIDAL was about more than just streaming music, and six years later, it has remained a platform that supports artists at every point in their careers," he wrote. On March 4, Jay-Z tweeted about the agreement. Meanwhile, Jigga will sit on the board of directors for the payment tech company. Prior reports noted that the deal would consist of Square Inc. Jay-Z and Roc Nation CEO, Desiree Perez, who played a role in making the deal happen, will assist in running TIDAL. On Thursday, the Jack Dorseyled company brought that song metaphor to life, agreeing to buy a majority stake in niche streaming-music service Tidal for almost 300 million. Additionally, the tech company will acquire licensing deals with major record labels while artists and owners will stay with TIDAL. Financial technology company Square said Thursday that it has reached an agreement to acquire majority ownership of Tidal, the music streaming service partly owned by Jay-Z. Square has held talks to acquire music-streaming service Tidal as part of a push to diversify, Bloomberg reported, citing a person. One is a bearded technology mogul who runs a microblogging website and payments company, while the other is a rapper turned multi-hyphenate entrepreneur. As for the details of the recent exchange, Square will receive 80 percent ownership of TIDAL. Square Reportedly Has Held Talks to Buy Jay-Zs Tidal. An exclusive look at the crossover special, including an all-new clip, was revealed today during a panel at New York Comic Con 2022.
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