Square, Inc. To Acquire Majority Ownership Stake In TIDAL - Quick Facts

(RTTNews) - Square, Inc. (SQ) has entered into a definitive agreement to acquire a majority ownership stake in TIDAL, the global music and entertainment platform. Square expects to pay a mix of cash and stock of $297 million for the majority ownership stake, and existing artist shareholders will be the remaining stakeholders.

TIDAL brings artists and fans closer together through unique original content and exclusive events. Available in 56 countries, the streaming service has more than 70 million songs and 250,000 high-quality videos in its catalog.

TIDAL board member and shareholder Shawn Carter is expected to join Square's Board. All of TIDAL's artist shareholders will continue to be co-owners of TIDAL after the deal closes.

Square currently does not expect TIDAL's financial results to have a material impact on the company's consolidated revenue or gross profit in 2021.