Jay-Z bought it for $ 56 million in 2015

Square, the financial services platform run by Twitter founder Jack Dorsey, announced Thursday that has reached a definitive agreement to acquire a majority stake in TIDAL. The music platform in streaming, owned by Jay-Z, will come under the control of the company although it will "operate independently."

Will be US $ 297 million which Square will pay between cash and shares to acquire the share. The deal would include, if the deal closes, rapper and entrepreneurs Jay-Z joining Square's Board of Directors.

Jay-Z to join Square's Board of Directors if deal closes

It should be remembered that the American artist, along with other singers, acquired TIDAL for 56 million dollars in 2015.

"Economic empowerment" for musicians is what Square claims to pretend

TIDAL screenshot

The deal seeks to extend Square's "economic empowerment purpose" to musicians, the company says. The idea, they say, is provide artists with access to systems, tools and "financial freedom". In line with this intention, the statement issued recalls how its service Cash App it has made different financial services closer and more accessible to all types of clients, "many of which have historically been ignored and neglected."

Square sees the opportunity to harness these learnings to help musicians find new ways to support their work and make better decisions through TIDAL. In short, monetize your work.

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The agreement contemplates that all TIDAL shareholders continue to be co-owners of the platform after the closing of the operation

For Jack Dorsey, also founder of Square, "It all comes down to one simple idea: find new ways for artists to support their work". Jay-Z, for his part, defends that from the beginning he said that TIDAL was something more than streaming "And six years later, it has continued to be a platform that supports artists at every stage of their careers." The platform has always defended that it is the only one built for artists due to the artists.

In fact, the agreement contemplates that all TIDAL shareholders will continue to be co-owners of the platform after the closing of the operation, although Square will take control.