Jack Dorsey’s digital-payments processor Square is buying Tidal, Jay-Z’s music streaming platform, for nearly $300 million, the companies confirmed Thursday.
The move is set to bring Jay-Z to Square’s board of directors, they said.
Square said it was buying a majority stake in Tidal for $297 million through a mix of cash and stock.
Jay-Z bought Tidal in 2015 for $56 million and proceeded to debut exclusive releases on the platform, such as Beyonce’s “Lemonade” album in 2016. But the platform has struggled to keep up with players like Spotify, Insider’s Kate Canales reported.
This is a developing story.