Square to pay $297 mn for majority stake in rapper Jay Z's Tidal

Payments firm Square Inc on Thursday agreed to buy a majority ownership stake in Tidal, a music streaming service owned by rapper Jay Z, for $297 million in cash and stock.

Square, co-founded by Twitter Inc Chief Executive Officer Jack Dorsey, said Jay Z, whose real name is Shawn Carter, would become a member of Square's board of directors.

"Why would a music streaming company and a financial services company join forces?!... It comes down to a simple idea: finding new ways for artists to support their work," Dorsey said on Twitter.

Square did not disclose the percentage of the ownership stake.

Tidal calls