Thursday morning, Twitter CEO Jack Dorsey announced that his digital payment company ‘Square’ would be purchasing a majority stake in JAY-Z’s streaming company TIDAL. Today, a press release confirms that “Square expects to pay a mix of cash and stock of $297 million for a significant majority ownership stake.” TIDAL will operate independently within Square, according to the press release. As part of the deal, JAY-Z will move to Square’s board of directors and TIDAL’s artist owners will continue to co-own the platform, as the second largest group of shareholders. With this announcement, it’s apparent this was one of the topics discussed last summer when JAY-Z and Jack Dorsey were seen Yachting around the Hamptons. Taking to Twitter JAY-Z tweeted regarding TIDAL “a platform that supports artists at every point in their careers. Artists deserve better tools to assist them in their creative journey. Jack and I have had many discussions about TIDAL’s endless possibilities that have made me even more inspired about its future. This shared vision makes me even more excited to join the Square board. This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!”

Jack Dorsey also took to Twitter adding “Given what Square has been able to do for sellers of all sizes and individuals through Cash App, we believe we can now work for artists to see the same success for them, and us. We’re going to start small and focus on the most critical needs of artists and growing their fanbases.”