Dorsey's Square is acquiring a majority stake in Jay-Z's streaming music company Tidal

"Square (Twitter), Jack Dorsey’s digital payments company, is acquiring a majority ownership stake in the music streaming service Tidal, the company announced Thursday.

Square’s stock was down about 2% in the premarket.

The deal is expected to be a mix of cash and stock of $297 million, and is expected to close in the second quarter of 2021. Existing artist shareholders will be the remaining stakeholders, Square said. Jay-Z, who bought Tidal in 2015 for $56 million, will join Square’s board of directors."