Square, Inc. to Buy Majority of Tidal and Put Jay-Z on Board

“It comes down to one simple idea: finding new ways for artists to support their work,” Square, Inc. CEO Jack Dorsey said in the statement announcing the deal.

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This article was republished here with permission from The Associated Press, however it is no longer available to read on Snopes.com.

SAN FRANCISCO (AP) — Financial technology company Square, Inc. said Thursday that it has reached an agreement to acquire majority ownership of Tidal, the music streaming service partly owned by Jay-Z. Under the deal, Square will pay $297 million in cash and stock for Tidal, Jay-Z will be named to Square’s board of directors, and he and other artists who currently own shares in Tidal will remain stakeholders. Tidal will operate as a distinct entity…

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