Bloomberg reports that Square, the payments company ran by Twitter co-founder Jack Dorsey is reportedly trying to buy Tidal from JAY-Z, who acquired the music streaming service from Aspiro, a Norwegian-based company, back in 2015 for $56 million.
According to a source who requested not to be named because the talks have been private and that the deal has not been guaranteed, Dorsey has been discussing with Jigga to purchase Tidal to diversify Square’s business. This news is intriguing because Tidal has been “struggling” to compete with direct competitors like Spotify and Apple Music. The company hasn’t been forthright when it comes to sharing subscription numbers, so it remains a mystery about exactly how well the service is doing.
It’s also unclear how much money Cash App’s parent company is looking to spend to acquire Tidal. If the reports are indeed true, it would up even more of a spotlight on those photos of Dorsey hanging out with The Carters on a yacht in The Hamptons back in August.
It would also fit the modus operandi of JAY-Z, who is notoriously known for not holding onto things for too long, like his ownership of the Brooklyn Nets, the job as president of Def Jam, or Rocawear. We won’t be shocked if this does indeed happens becuase Jigga is always looking to move on to the next one when it comes to his business ventures.
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