Apple Inc. is in exploratory talks to acquire Tidal, a streaming-music service run by rap mogul Jay Z, according to people familiar with the matter.
The talks are ongoing and may not result in a deal, these people said. Apple is exploring the idea of bringing on Tidal to bolster its Apple Music service because of Tidal’s strong ties to popular artists such as Kanye West and Madonna.
Terms of the potential deal aren’t known.
Jay Z bought the service in March 2015 for $56 million from Swedish company Aspiro. He launched the service under the brand Tidal a month later. He has given 19 famous artists and bands small stakes in Tidal and promised each millions of dollars worth of marketing, according to people familiar with the matter.
A Tidal spokesman said Tidal executives had not held talks with Apple.
Source: MarketWatch | Daisuke Wakabayashi, Hannah Karp and Patience Haggin