Digital payments firm Square said Thursday it was buying a controlling stake in the streaming music platform Tidal from a group led by rap star Jay-Z for $297 million in cash and stock.
“The acquisition extends Square’s purpose of economic empowerment to a new vertical: musicians,” said a statement from Square, the finance tech firm led by Jack Dorsey, who is also the chief executive of Twitter.
“It comes down to one simple idea: finding new ways for artists to support their work,” said Dorsey.
“New ideas are found at intersections, and we believe there’s a compelling one between music and the economy.”
