Block acquired TIDAL (majority interest) for $233.2 million consideration for a majority ownership interest, a transaction completed in April 2021, structured as combination. The deal was a Majority stake.
TIDAL (majority interest) operates in New ecosystem - music and artist services, is based in Global music and entertainment platform, had revenue of about Not separately disclosed (acquisition did not have a material impact on the Company's consolidated financial statements). TIDAL is a global music and entertainment platform that brings fans and artists together through music, content, and experiences, offering a catalog of more than 80 million songs and 350,000 high-quality videos. Block acquired a majority ownership interest, expanding its purpose of economic empowerment to artists.
Block stated TIDAL expands its purpose of economic empowerment to artists, focusing on both the artist experience and the fan experience, and adds a new ecosystem alongside Square and Cash App.
TIDAL gave Block a foothold in artist/creator economic empowerment, a new vertical adjacent to its seller and consumer ecosystems. Stand up a new ecosystem serving artists, complementing Block's economic-empowerment mission. Operated as a distinct ecosystem within Block alongside Square and Cash App. Jack Dorsey, Block Q4 2021 earnings call (Feb 2022): "We added new ecosystems with TIDAL to serve artists and TBD to serve Bitcoin developers."
In the second quarter of 2021, we completed the acquisition of a majority ownership interest in TIDAL, a global music and entertainment platform that expands our purpose of economic empowerment to artists. TIDAL offers an extensive catalog of more than 80 million songs and 350,000 high-quality videos.Block, Inc. FY2021 10-K, Item 1 Business
Advisory firms were not disclosed for this transaction.