2:53 PM PT -- 5/3/21 - A rep for Square says the purchase price was actually $302 million for majority ownership of Tidal. It's a hell of a deal, because our sources say 80 percent of Tidal has a $350 million valuation.
Square says it's searching for a new honcho to run Tidal, but in the interim one of its execs, Jesse Dorogusker, will have the gig.
Jay-Z's 6-year flip of Tidal's streaming service is complete -- he just closed the deal to sell the majority of the company to Square for $350 million ... a pretty good return on his initial investment.
Square, the financial services company owned by Jay's pal, Jack Dorsey, is now firmly in the music streaming biz. Jack had announced back in March that he planned to take Tidal off Jay's hands, but sources familiar tell TMZ they just closed the deal Friday morning.