Despite rumors to the contrary, Samsung has announced that it does not plan on acquiring Jay Z’s TIDAL.
A company spokesperson issued a statement to Variety denying the reports. “The rumor of Samsung acquiring TIDAL is not true,” said a rep.
Talks of the streaming service acquisition were launched about a year ago. Jay Z’s ongoing relationship with the phone titan fueled those rumors. His Magna Carta Holy Grail album was released in partnership with the brand. And recently, Rihanna, who is signed to Roc Nation, brokered a similar deal for ANTI.
Hov purchased TIDAL for $56 million more than a year ago. Although it’s dealt with a variety of executive changes, the company has surged in recent months thanks in large part to Kanye West’s The Life of Pablo exclusive.
The service was recently valued at $100 million. Meanwhile, Samsung’s streaming service, Milk Music, will likely shut down within weeks.