Square has agreed to buy a majority stake in Tidal, the streaming music service led by rapper Jay-Z, as part of an effort to expand the company’s suite of financial tools to musicians and emerging artists.

Square will pay $US297 million ($384 million) in a mix of cash and stock to become Tidal’s “significant majority” owner, though Jay-Z and Tidal’s other existing artist-shareholders will retain some ownership in the company. Tidal will operate independently within Square, according to a company release, and Jay-Z will join Square’s board of directors.

Washington Post