Roc Nation CEO Desiree Perez and founder Jay-Z recently sold its streaming service, Tidal, to Twitter co-founder and Square founder Jack Dorsey.

The deal, finalized at the end of April,  is the latest achievement for Jay-Z and Desiree Perez as their global entertainment brand continues to grow.

The long-rumored deal between friends Jay-Z and Dorsey gained steam in March when Dorsey announced he was planning to take Tidal off the hands of Desiree Perez and Jay-Z. The deal gives Dorsey a majority stake. Square reported the total value of the sale at $297 million in a mix of cash and stock. Other sites placed the deal as being worth $302 million against the company that some estimate to be valued at $437 million.

According to the deal, Square gets 80 percent ownership of the company and the licensing deals Tidal had negotiated with major record labels.

Under terms of the deal, Jay-Z and Desiree Perez will remain on the Tidal board to help run the company.

CEO Desiree Perez Helped Broker Tidal, Square Deal

Desiree Perez, who was named Billboard magazine's 2019 Women in Music Executive of the Year, helped to broker the deal.

In late 2019, Jay-Z named Perez Chief Executive Officer of Roc Nation, the multinational, multidimensional entertainment agency the two founded.

Perez is responsible for the company's overall growth strategy across the Roc Nation portfolio, which includes artist representation, new business development, music, management, philanthropy, publishing, and film and television development projects.

Perez was born in the Bronx the daughter of Cuban immigrants. She cut her teeth in the entertainment business running multiple nightclubs, including lifting one establishment out of bankruptcy. It was during that time that she booked Jay-Z, then an up-and-coming talent.

The two have been close business partners for many years. Prior to her most recent appointment, Perez had served as Chief Operating Officer for the company since 2009.

Perez is known as a skilled negotiator and dealmaker. Among her most noted accomplishments is the negotiation of Beyoncé's Formation World Tour and Rihanna's recent deal with Samsung.

Streaming Platform Tidal Continues to Connect Fans and Artists

Tidal is a Norwegian-based service developed in 2015 by Jay-Z and Perez in partnership with major stars, including Jason Aldean, Arcade Fire, Beyoncé, J. Cole, Calvin Harris, Alicia Keys, Madonna, Chris Martin, Daft Punk, deadmau5, Nicki Minaj, Rihanna, Usher, Kanye West, and Jack White. The artist owners are expected to continue to have a stake in the service.

Tidal differs from other streaming services in that it is designed to bring artists and fans closer together with original content and exclusive, subscriber-only events.

Tidal is available in 56 countries and its service includes more than 70 million songs and 250,000 videos. The service, which comes in two different subscription tiers, also features original video series, podcasts, curated playlists, and a new-artist discovery space called TIDAL Rising.

While Dorsey is arguably best known for his role as co-founder of Twitter, the Square platform has been critical for those who take and give remote payments. Its products are used by online stores and point-of-sale retailers to collect payments and pay vendors and employees.

Tidal will continue to operate within Square as part of its seller and cash app ecosystems.

About Roc Nation

Founded in 2008 by Jay-Z and Desiree Perez, Roc Nation is a leading entertainment management company. It manages some of the world's most famous acts, including Big Sean, DJ Khaled, Mariah Carey, Meek Mill, Megan Thee Stallion, Robin Thicke, Shakira, and Tinashe. Its recording label has cut albums with, among others, Jay-Z, J. Cole, Jaden Smith, Rihanna, and Willow Smith.

Roc Nation is also known for its philanthropic ventures, including the Shawn Carter Foundation, the Cara Lionel Foundation, the RC24 Foundation, the REFORM Alliance, and Team Roc.