Sources tell Variety the Square news comes off as “fire sale” pricing, at a time when Jay-Z appear to be selling other assets for quick cash flow. But that’s paltry compared to the $200 million Sprint paid for a 33% stake in the company in 2017, effectively valuing the company at $600 million at the time. On the surface, $297 million is a decent return on investment for Jay-Z, which purchased Tidal’s parent company Aspiro for $56 million in January 2015. And with the announcement of Square’s $297 million majority stake in Tidal six years later, that’s only further proven to be the case. As critics swiftly pointed out at the time, the optics of a service designed to “re-establish the value of music” with only superstars participating in the equity felt like a win for music’s 1% and little else.
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