Digital payments company Square (SQ) is in discussions to purchase American rapper Jay-Z’s music streaming platform Tidal.
Jay-Z purchased Tidal for himself back in 2015 for a cool $56 million. Since then, high-profile artists like Kanye West and Rihanna have engaged in exclusive deals with Tidal. Despite reaching the 16th spot in the App Store shortly after its launch, Tidal has struggled to compete with music streaming heavy-hitters such as Pandora, Spotify (SPOT), and Apple Music (AAPL).
Shares of SQ are up over 250% year to date, meaning it has the financial appetite to be taking chances on new business ventures.