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JAY-Z sells streaming service Tidal for $350 million

JAY-Z's $350M payday

JAY-Z has completed the sale of his streaming service Tidal to Jack Dorsey's financial services company, Square.

The rap mogul launched the concept six years ago with a star-studded media event featuring his wife Beyonce, Madonna, Alicia Keys, and Kanye West, and now insiders claim he has sold the majority of the company for $350 million.

The deal went down on Friday morning, according to TMZ.

Twitter co-founder Jack announced he was planning to buy Tidal from pal JAY-Z in March.

Square picks up 80 per cent of the ownership of Tidal, along with licensing deals with the major record labels and all the artists/owners will remain with the company too.

JAY-Z and his Roc Nation CEO Desiree Perez will reportedly help the new owners run Tidal.



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