The New York Times
What did Jay-Z and Jack Dorsey talk about when they went yachting around the Hamptons together last summer? Perhaps only Beyoncé knows.
Maybe now we do, too. Square, the mobile payments company led by Mr. Dorsey, announced on Thursday its plan to acquire a “significant majority” of Tidal, the streaming music service owned by Jay-Z and other artists — including Beyoncé, Jay-Z’s wife, and Rihanna, who is a client of Jay-Z’s entertainment management company, Roc Nation.
Square will pay $297 million in stock and cash for the stake in Tidal. Jay-Z will join Square’s board.
Mr. Dorogusker said Square, which was founded in 2009, will offer financial tools to help Tidal’s artists collect revenue and manage their finances. “There are other tools they need to be successful and that we’re going to build for them,” he said.