JAY-Z once rapped “I’m not a businessman. I’m a business, man.”
And he continues to show and prove why.
For, a month after it was reported that he was set to sell his TIDAL service, the star has closed the deal and the particulars re-affirm why he is at the top of the game.
Full story below…
According to TMZ, HOV’s sale of the streamer to Twitter’s Jack Dorsey has officially completed and did so at a final cost of $350 million.
It means Dorsey’s Square now owns an 80% majority stake in TIDAL and assumes ownership of the platform’s licensing deals with the major record labels.
Many will recall one of TIDAL’s core USPs was the fact it was spearheaded by a number of major artists-owners – such as Rihanna, Coldplay, and Nicki Minaj. They will reportedly remain on board.
It’s of note that Mr. Carter acquired the TIDAL technology for $56 million in 2015 – so there’s a massive profit being made. One that benefits its owners too.
Furthermore, it’s not the first time, it’s received seismic backing. For, a 33% stake was sold to Sprint in 2017.
Jay and Roc Nation’s Desiree Perez will continue to assist with the running of the company.