BUSINESS ISH: SAMSUNG DENIES #TIDALHIFI ACQUISITION RUMOR [DETAILS]


Samsung has announced that it does not plan on acquiring Jay Z’s TIDAL .TIDAL HI FI was recently valued at $100 million. Meanwhile, Samsung’s streaming service, Milk Music, will likely shut down within weeks.

Talks of the streaming service acquisition were launched about a year ago. Jay Z’s ongoing relationship with Samsung 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.

A company spokesperson from Samsung issued a statement to Variety denying the reports. 
“The rumor of Samsung acquiring TIDAL is not true,” said a rep.

Jay Z purchased TIDAL for $56 million more than a year ago. Although it’s dealt with some internal changes, firing a few key executives last month the company has surged in recent months.

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