Digital payments company Square Inc., has reportedly held talks to acquire the music-streaming platform Tidal, as it tries to diversify its business.
Citing an source familiar with the matter (and not willing to be named) , Bloomberg reported that Jack Dorsey, who runs Square, has discussed a potential deal with rapper Jay-Z who bought Tidal for $56 million in early 2015. Talks are still private and do not necessarily imply a deal, according to the report.
Tidal has had a challenge keeping up with peers including Spotify Technology SA and Apple Music. Dorsey, meanwhile, is apparently looking to diversify Square’s reach.