[For immediate release]
JRiver Acquires Tidal
Takes Advantage of Block Mis-steps
Minneapolis, April 1, 2025
JRiver has stunned the music business by working out a back door deal to acquire certain assets of Tidal Music, the audiophile streaming service.
Tidal was purchased by Block from Block CEO Jack Dorsey's friends, Jay-Z and Beyonce and other investors in 2021 for a reported $300 million, Since then, Block had
attempted to "right size" Tidal staff.
Block has
continued to layoff people, and a late night / early morning call between Dorsey and JRiver CEO, Jim Hillegass, resulted in a quick deal. After a few minutes on the phone and a DocuSign signing, the deal was done.
According to anonymous source, Nate Gray, the price was "less than $300 million".
JRiver plans to move the Tidal staff to Warroad, Minnesota, where, according to Hillegass, "they can enjoy the fresh air".
Dorsey was reportedly ecstatic. "I might spend a couple weeks with the team every winter just to enjoy the weather".
Hillegass said, "I finally get this streaming thing. It could double our user base."
Jay-Z and Beyonce could not be reached for comment.
