Square, Inc. Announces Plans to Acquire Majority Ownership Stake in Tidal
Square, Inc. (NYSE: SQ) announced today that it has entered into a definitive agreement to acquire a majority ownership stake in TIDAL, the global music and entertainment platform that brings fans and artists together through unique music, content, and experiences. Square expects to pay a mix of cash and stock of $297 million for a significant majority ownership stake, and existing artist shareholders will be the remaining stakeholders. TIDAL will operate independently within Square, alongside the Seller and Cash App ecosystems.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210304005346/en/
Photo (from left to right): Shawn “JAY-Z” Carter, Jack Dorsey. Photo credit (from left to right): Raven Varona, Hermione Hodgson.
The acquisition extends Square’s purpose of economic empowerment to a new vertical: musicians. Artists are entrepreneurs with a dream and deserve access to systems, tools, and financial freedom to reach those dreams at every stage in their career. Square has helped millions of businesses start, run, and grow by providing them with tools needed for success. With Cash App, Square has made financial services more relatable and accessible to millions of customers, many of whom have been historically overlooked and underserved. Square sees an opportunity to leverage those learnings to help musicians find new ways to support their work and make better decisions through TIDAL.
“It comes down to one simple idea: finding new ways for artists to support their work,” said Jack Dorsey, cofounder and CEO of Square. “New ideas are found at intersections, and we believe there’s a compelling one between music and the economy. I knew TIDAL was something special as soon as I experienced it, and it will continue to be the best home for music, musicians, and culture.”
"I said from the beginning that TIDAL was about more than just streaming music, and six years later, it has remained a platform that supports artists at every point in their careers,” said Shawn “JAY-Z” Carter. “Artists deserve better tools to assist them in their creative journey. Jack and I have had many discussions about TIDAL’s endless possibilities that have made me even more inspired about its future. This shared vision makes me even more excited to join the Square board. This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!”
TIDAL is the only music service built by artists, for artists—which is now more important than ever as consumers look for authentic digital connections with their favorite artists. TIDAL offers the premier listening experience, with superior sound quality and an extensive catalog of more than 70 million songs and 250,000 high-quality videos. TIDAL puts the fan experience at the center of every decision, providing artists direct access to their audience and allowing fans deeper connections to their favorite artists through original, exclusive, and curated content and events. TIDAL has a global presence with listeners in more than 56 countries and relationships with more than 100 labels and distributors.
“TIDAL sets a high standard for supporting artists, capturing music culture, and delivering the best audio quality to fans,” said Jesse Dorogusker, a Square executive who will serve as interim lead of TIDAL upon the closing of the transaction. “Square has also set a high standard for building elegant, accessible, and fair tools for sellers and individuals to economically empower them. Together, TIDAL and Square will be music-obsessed and artist-focused while we explore new artist tools, listener experiences, and access to financial systems that help artists be successful.”
TIDAL board member and shareholder Shawn “JAY-Z” Carter is expected to join Square’s Board of Directors subject to the closing of the transaction. A distinguished and acclaimed artist, businessman, and philanthropist, Carter founded preeminent entertainment company Roc Nation and sports agency Roc Nation Sports, launched and owns the successful “Made In America” festival, and executive-produced award-winning documentaries, among other achievements. Over the years, Carter has remained relentlessly committed to giving back to underserved communities, including through his work with the Shawn Carter Foundation and The REFORM Alliance.
In addition to JAY-Z, all of TIDAL’s artist shareholders will continue to be co-owners of TIDAL after the deal closes.
Based on current information, Square does not expect TIDAL’s financial results to have a material impact on Square’s consolidated revenue or gross profit in 2021. The completion of this transaction is subject to customary closing conditions including regulatory approvals. The parties expect to close the transaction in the second quarter of 2021. Square was primarily advised by Gibson, Dunn & Crutcher LLP as legal advisors and TIDAL was advised by Reed Smith LLP and Cummings & Lockwood LLC as legal advisors.
About Square, Inc.
Square, Inc. (NYSE: SQ) builds tools to empower businesses and individuals to participate in the economy. Sellers use Square to reach buyers online and in person, manage their business, and access financing. And individuals use Cash App to spend, send, store, and invest money. Square has offices in the United States, Canada, Japan, Australia, Ireland, Spain, and the UK.
TIDAL is an artist-led global music and entertainment platform that 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 along with original video series, podcasts, thousands of expertly curated playlists and artist discovery via TIDAL Rising. With the commitment of its owners to create a more sustainable model for the music industry, TIDAL is available in premium and HiFi tiers—which includes Master Quality Authenticated (MQA) recordings as well as Sony’s 360 Reality Audio recordings.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, statements regarding the proposed acquisition of TIDAL by Square (the “Company”) and the timing to close the acquisition; the future performance of the Company and TIDAL; the perceived benefits of the acquisition; expectations around the financial impact of the acquisition on the Company’s financials; and the Company’s expectations regarding scale, economics, and the demand for or benefits from its current and future products, product features, and services. Such statements are subject to a number of known and unknown risks, uncertainties, assumptions, and other factors that may cause the Company’s actual results, performance, or achievements to differ materially from results expressed or implied in this press release, and reported results should not be considered as an indication of future performance. Investors are cautioned not to place undue reliance on these statements.
Risks that contribute to the uncertain nature of the forward-looking statements include, among others, the possibility that the transaction will not close or that the closing may be delayed; the ability to secure required regulatory approvals or otherwise satisfy other closing conditions in a timely manner, or at all; the proposed transaction may not advance the parties’ business strategies; the ability of the company to retain the artists and customers of TIDAL; the ability to realize the expected benefits from the transaction in the expected time period, or at all; disruptions from the transaction on ongoing operations; potentially incurring significant transaction costs; the Company’s ability to execute a new business vertical and integrate TIDAL’s products; and unknown, underestimated, or undisclosed commitments or liabilities, as well as other risks listed or described from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the Company’s most recently filed Annual Report on Form 10-K which is on file with the SEC and available on the investor relations page of the Company’s website. All forward-looking statements are based on information and estimates available to the Company at the time of this press release and are not guarantees of future performance. Except as required by law, the Company assumes no obligation to update any of the statements in this press release.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
NextSense Emerges to Unlock Brain Health with Key Partners UCB, Heraeus, UC San Diego, and Emory University3.12.2021 18:00:00 EET | Press release
NextSense, the foundation of brain health, came out of stealth with an announcement made from the AES (American Epilepsy Society) Annual Meeting in Chicago, where NextSense and its partners are presenting the results of their research on seizure detection to peers in academia and industry for the first time. NextSense unlocks brain health with real world data insights and practical, scientific wisdom for daily living. Traditional brain health monitoring technology like EEG machines and polysomnograms are too bulky for home use, requiring patients to stay overnight at hospitals or sleep study clinics for observation. The high cost of care and lack of comfort of these devices makes long-term and continuous monitoring nearly impossible. Not only are these data based on a single timeframe, they observe what is anything but an ordinary night’s sleep. And for anyone living with epilepsy, the unpredictability of seizures makes direct observation and high-quality data-gathering exceedingly rar
Healthcare+ Expo Taiwan to Build an Ecosystem of Digital Transformation in Healthcare3.12.2021 17:15:00 EET | Press release
One of the largest trade fairs in the APAC region- the Healthcare+ Expo Taiwan- takes place on 2 to 5 December in Taipei. The Expo displays Taiwan’s strength in AI, Cloud-based Applications, Flat Panels, IoT and Technologies that make up Metaverse, reflecting the trend on digital transformation in healthcare driven by the global pandemic. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211203005002/en/ Expand Businesses into growing markets in the APAC region, with Healthcare+ B2B. Join medical institutes and companies in the fields of pharmaceuticals, biotechnology, health/ information technology, electronics and manufacturing to promote products, build partnerships and seize supply-demand opportunities. (Graphic: Business Wire) The Expo has an all-star lineup of corporates, including Acer, Asus, AUO, Delta Electronics, Innolux, Quanta and Wistron, demonstrate their technologies and solutions tailored to digital transformati
Eurofins Technologies Launches a New Multiplex RT-PCR Assay for Combined SARS-CoV-2 Screening and Rapid Detection of the Omicron (B.1.1.529) Variant of Concern3.12.2021 16:05:00 EET | Press release
Eurofins Technologies (Paris:ERF) announces the launch of the multiplex RT-PCR assay GSD NovaType Detect + Select K417N SARS-CoV-2. Within just one week since the first reports on the Omicron variant of concern, this kit has been developed as a quick response to identify its presence. The assay is designed for the simultaneous qualitative detection of SARS-CoV-2 genomic RNA and identification of the spike (S) mutation K417N in one reaction. The results of this RT-PCR assay can be obtained within 1 hour, which makes it a fast and cost-effective solution to identifying the presence of the Omicron variant before samples are confirmed by whole genome sequencing. Eurofins Technologies is constantly working to adapt its product offering to meet the challenges of the ongoing COVID-19 pandemic.. For more information, please visit Eurofins Technologies website. About Eurofins Technologies – a fast growing provider of diagnostic technologies in the field of immunoassays and molecular detection m
How Can Chinese Cities Increase Their Global Communications Impact? Joint Report and Index from CCG and Xinhuanet Sizes up Strategies and Offers Valuable Suggestions3.12.2021 15:53:00 EET | Press release
The Center for China and Globalization (CCG) and Xinhuanet, China’s leading online news portal, recently released a joint report evaluating the global communications impact of Chinese cities, analyzing the problems with their communication strategies, and offering suggestions on improving their ability to “go global”. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211203005279/en/ Report on the Chinese Cities Global Communications Impact Index (CCGCII) & Ranking of Chinese Cities by Global Communications Impact (Graphic: Business Wire) The study covered the top 100 cities in China as ranked by GDP in 2019, including Shanghai, Beijing, Shenzhen, Guangzhou, Chongqing, Chengdu, Wuhan, Tianjin, Dalian, and Xiamen . Based on big data from the Xinhua RIS data bank, which has collated over 10 million items of public information from overseas mainstream media and international social media platforms, the Chinese Cities Global Commun
Valuence Japan Nanboya, BRAND CONCIER Recognized as No.1 in Five Categories in Japan, Including for Overall Purchase Volume, for Luxury Brand Goods and Other Items!3.12.2021 12:55:00 EET | Press release
Valuence Japan Inc. (Tokyo; Susumu Muguruma, representative director), a member of the Valuence Group (TOKYO:9270), which operates 135 offices in Japan and 23 other countries(*1) specializing in the purchase of watches, bags, jewelry, precious metals, antiques, and art objects has announced the results of a survey on the purchase volume of brand goods conducted by ESP Research Institute, Inc. According to the survey, the company’s Nanboya and BRAND CONCIER brands placed in the top position in Japan in terms of overall annual purchase volume of luxury brand goods. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211203005167/en/ Valuence Japan Nanboya, BRAND CONCIER Recognized as No.1 in Five Categories in Japan, Including for Overall Purchase Volume, for Luxury Brand Goods and Other Items! Also Recognized as No.1 in Japan for Purchase Volume of Rolex and Other Watches, Jewelry, Apparel, and Accessories (Graphic: Business Wire)
Moody’s Acquires PassFort and Agrees to Acquire kompany, Expanding KYC and Compliance Capabilities3.12.2021 12:00:00 EET | Press release
Moody’s Corporation (NYSE:MCO) announced today that it has acquired PassFort Limited and entered into an agreement to acquire 360kompany AG (kompany), two European providers of onboarding and Know Your Customer (KYC) technology solutions. The acquisitions complement Moody’s technology, data, and analytical capabilities, and enhance its industry-leading customer solutions for KYC, anti-money laundering, compliance, and counterparty risk. “Our customers rely on our data and analytical tools to make decisions about who they do business with,” said Keith Berry, General Manager of Moody’s KYC business unit. “PassFort and kompany are innovators in the compliance and regulatory space, and their technologies will upgrade and accelerate our customers’ onboarding and monitoring processes.” PassFort is a U.K. SaaS-based workflow platform for identity verification, customer onboarding, and risk analysis. Its software delivers data from over 25 third-party providers and automates the collection, ve
DEXLEVO's Liquid Polymer Filler Raises KRW 26 Billion in Pre-IPO Funding3.12.2021 10:41:00 EET | Press release
DEXLEVO has completed its pre-IPO funding of KRW 26 billion. It thus increased its valuation by six times compared to the Series B funding in 2018 thanks to its commercialization performance such as obtaining the European Union’s CE certification on the liquid polymer filler (product name: GOURI) in May of this year. The company plans to build a new cGMP-grade (current Good Manufacturing Practice) production facility in Songdo with the proceeds raised this time and start marketing its flagship product. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211202006086/en/ DEXLEVO's GOURI, the world's 1st Fully Liquid type PCL Injectable. (Graphic: Business Wire) According to industry sources on November 25, DEXLEVO has completed a total of KRW 26 billion in pre-IPO funding from existing investors such as Magna Investment, Smilegate Investment, Hyundai Venture Investment Corp., and Shinhan Capital. Magna Investment and Smilegate Inv
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom