This permanent A list rapper’s deal with the bird CEO went through, but there was an after the fact adjustment when the rapper’s proclivity for adjusting streaming numbers was discovered.
Roc Nation CEO Desiree Perez and Jay-Z Finalize Deal for Tidal Platform
Roc Nation CEO Desiree Perez and founder Jay-Z recently sold its streaming service, Tidal, to Twitter co-founder and Square founder Jack Dorsey.
The deal, finalized at the end of April, is the latest achievement for Jay-Z and Desiree Perez as their global entertainment brand continues to grow.
The long-rumored deal between friends Jay-Z and Dorsey gained steam in March when Dorsey announced he was planning to take Tidal off the hands of Desiree Perez and Jay-Z. The deal gives Dorsey a majority stake. Square reported the total value of the sale at $297 million in a mix of cash and stock. Other sites placed the deal as being worth $302 million against the company that some estimate to be valued at $437 million.
According to the deal, Square gets 80 percent ownership of the company and the licensing deals Tidal had negotiated with major record labels.
Under terms of the deal, Jay-Z and Desiree Perez will remain on the Tidal board to help run the company. – Source
Roc-A-Fella Records Sues Co-Founder for Trying to Sell Jay-Z’s Debut Album as an NFT
Roc-A-Fella Records – the record label started by Jay-Z, Damon Dash and Kareem Burke in 1995 – is suing Dash for allegedly trying to sell the copyright to Jay-Z’s debut album, “Reasonable Doubt.”
According to the complaint, Dash doesn’t own “Reasonable Doubt.” Rather, Roc-a-Fella does. Because Dash owns only one-third of the record label, the suit alleges that the copyright to “Reasonable Doubt” was not his to sell.
Dash’s auction in partnership with the non-fungible token (NFT) platform SuperFarm was scheduled to run from Wednesday through Friday, but was cancelled after Roc-A-Fella’s lawyers sent letters to both Dash and SuperFarm. And yet the complaint alleges that Dash is still “frantically scouting for another venue to make the sale” – and may have already minted an NFT.
The NFT market for digital collectibles from musical artists and star athletes is booming, and many celebrities are savvy investors and crypto enthusiasts themselves. In February, Jay-Z and Jack Dorsey, the billionaire founder of Square and Twitter, donated 500 bitcoin (BTC, +3.71%) to launch a development fund focused on increasing crypto adoption in Africa and India. – Source
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