Jay-Z is closing business deals left and right.
Last month, it was announced that he sold a 50 percent stake in his Armand De Brignac Champagne Brand to LVMH, and now it's being reported that he sold a "significant majority" of Tidal to Twitter boss Jack Dorsey's other company Square for $297 million in cash and stock. In 2017, Hov sold 33 percent of Tidal to Sprint for what is believed to be $200 million.
JAY-Z will also get a seat on Square's board.
Carter announced the deal on Twitter.
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. Artists deserve better tools to assist them in their creative journey.
— Mr. Carter (@sc) March 4, 2021
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. This shared vision makes me even more excited to join the Square board.
— Mr. Carter (@sc) March 4, 2021
This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!
— Mr. Carter (@sc) March 4, 2021
"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," wrote Jay in a rare tweet sent Thursday, March 4. "Artists deserve better tools to assist them in their creative journey. 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. This shared vision makes me even more excited to join the Square board. This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!"
Square will pay $297 million in cash and stock for their majority share. In 2017, Hov sold 33 percent of Tidal to Sprint for what is believed to be $200 million.
What's your reaction to this huge deal?