By Wallace Witkowski
Square Inc. disclosed late Friday that it has officially added Shawn Carter as a board member of the credit-card payments processing company after closing a deal with the music-streaming service Tidal.
Carter, better known as the rapper Jay-Z or Beyonce’s husband, is co-founder and majority owner of entertainment company Roc Nation LLC, from which Square (NYS:SQ) will sublease nearly 16,000 square feet of office space in New York City for $1.5 million a year, with an option to extend the sublease for two additional six-month terms, according to a Securities and Exchange Commission filing . Roc Nation and Square also reached a marketing agreement between Square and Carter that will lead to a $200,000 commission for Roc Nation.
Back in March, Square announced it would buy a majority stake in Tidal for $297 million, and make Carter a board member upon the close of the deal. In the filing, Square said its subsidiary Vandutch Acquisition Corp. completed its majority stake purchase of Carter’s streaming-music service Tidal on April 30 for about $302 million.
Shares of Square are up 212% over the past 12 months, compared with a 47% gain in the S&P 500 index (S&P:SPX) and a 53% rise in the tech-heavy Nasdaq Composite Index (NASDAQ:COMP) .