Fintech company Square – founded by Twitter’s Jack Dorsey – have announced that it will acquire a majority ownership stake in musician Jay-Z’s Tidal – an international music streaming service.
In total the deal will be worth more than $297m – around £213m.
Tidal will operate independently from Dorsey’s other business ventures and Jay-Z and wife Beyoncé, will retain some ownership in the company.
Dorsey explained: “Given what Square has been able to do for sellers of all sizes and individuals through Cash App, we believe we can now work for artists to see the same success for them, and us. We’re going to start small and focus on the most critical needs of artists and growing their fanbases.”