Financial services company Square is acquiring a majority stake in music streaming service Tidal. The deal will cost $297 million in stock and cash and is expected to close in the second quarter of 2021.
An unexpected partnership
“Why would a music streaming company and a financial services company join forces?” asked Square CEO Jack Dorsey before firing off a series of tweets explaining the move.
“Making the economy work for artists is similar to what Square has done for sellers,” he tweeted.