Square Inc., the digital-payment company run by Jack Dorsey, has held talks to acquire the music-streaming service Tidal as part of a push to diversify, according to a person familiar with the situation.
Dorsey has discussed a potential deal with Jay-Z, the rapper and music mogul who acquired Tidal for $56 million in early 2015, said the person, who asked not to be identified because the talks were private.
Tidal, which first launched in 2014, has struggled to keep pace with other streaming services, including Spotify Technology SA and Apple Music.
Jay-Z’s own music has been a lure for the platform, but he put his songs back on Spotify last year — raising questions about the health of Tidal.
It’s believed Dorsey, who spent more than four years on the board of Walt Disney Co., imagines Square will similarly own a collection of businesses under one corporate umbrella.
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