Square will purchase a majority stake in music streaming platform Tidal for $297m, four years after SoftBank subsidiary Sprint paid $200m for a 33% stake.
Digital payment processor Square has agreed to pay $297m in cash and stock for a majority stake in Tidal, a US-based music streaming service backed by telecommunications and internet group SoftBank.
Square will own a “significant” majority stake in the business once the transaction closes, while existing artist shareholders will remain shareholders.
Founded in 2014, Tidal operates a subscription-based music service that offers studio-level audio quality. Its catalogue consists of more than 70 million songs with a focus on exclusive…
