Jay-Z no longer owns TIDAL.
According to Rap-Up, the hip hop great-turned-business mogul has finalized the deal to sell the streaming service to the Jack Dorsey-owned Square for a hefty $302 million.
The deal turns over the majority of the shares of TIDAL to Square, thus fully releasing Hova of all financial responsibilities of the app.
Dorsey first announced that Square would be acquiring TIDAL last month.
So now that Jay-Z no longer owns TIDAL, what does that mean for his interest in the company?
Well, for starters, even though he no longer owns the majority stake in the company (Square got 80 percent of the company in the deal), Hova (real name: Shawn Carter) will join Square’s Board of Directors, while Square executive Jesse Dorogusker will lead in the interim until a new Head of TIDAL is found.
And even though Square will now own the licensing deals with the major record labels, the existing shareholders — a music industry who’s who that includes the likes of Beyoncé, Rihanna, Kanye West, Madonna, Alicia Keys, and Nicki Minaj — will continue to be shareholders in the company, and it’s not expected that their financial status or ownership will change.
“It comes down to one simple idea: finding new ways for artists to support their work,” said Square CEO Jack Dorsey, in a statement. “New ideas are found at intersections, and we believe there’s a compelling one between music and the economy. I knew TIDAL was something special as soon as I experienced it, and it will continue to be the best home for music, musicians, and culture.”
Jay-Z initially acquired TIDAL from Swedish company Aspiro back in 2015. The deal at the time was reportedly worth $56 million. In 2017, he sold 33 percent of the shares of the company to Sprint for an undisclosed amount.
“I said from the beginning that TIDAL was about more than just streaming music, and six years later, it has remained a platform that supports artists at every point in their careers,” he said on his Twitter page. “This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!”