Jay-Z sells majority stake in Tidal music streaming service to Jack Dorsey's Square

$297m deal hands control to Twitter co-founder, with Beyoncé, Madonna, Rihanna and other Tidal co-owners retaining stakes

Square, the mobile payments firm run by Jack Dorsey, Twitter co-founder, has acquired a majority stake in Jay-Z’s Tidal audio and video music streaming service in a $297m deal.

Under the terms of the deal, Tidal’s superstar co-owners, who include Beyoncé, Madonna and Rihanna, will retain their stakes and become the second-largest shareholders. Jay-Z will join Square’s board of directors.