Jack Dorsey-led mobile payments company Square has today announced its plans to acquire a majority stake in Tidal, the streaming music service owned by artists such as Jay-Z, Beyonce, and Rihanna, The New York Times is reporting.
According to the publication, Square will pay $297 million in stock and cash for the stake in Tidal, whereas Jay-Z will be joining Square’s board.
Dorsey, who is also the chief executive of Twitter, also announced last month that he and Jay-Z had endowed a Bitcoin trust to support development in India and Africa.
Mr. Dorsey and Jay-Z began to discuss the acquisition “a few months ago,” said Jesse Dorogusker, a Square executive who will lead Tidal on an interim basis.
“It started as a conversation between the two of them,” he said. “They found that sense of common purpose.”
Square will offer financial tools to help Tidal’s artists collect revenue and manage their finances.