The payments processing company co founded by Twitter CEO Jack Dorsey on Thursday agreed to by a majority ownership stake entitle a music streaming service owned by rapper Jay Z for $297 million in cash and stock.

Mhm Jay Z, whose real name is Shawn Carter, will become a member of Squares board of directors as part of the deal.

Square did not disclose the percentage of the ownership stake.

Dorsey tweeted about the deal Thursday, saying Quote why would a music streaming company and a financial services company joined forces?

It comes down to a simple idea.

Finding new ways for artists to support their work.

New ideas are found at the intersections, and we believe there's a compelling one between music and the economy.

Making the economy work for artists is similar to what Square has done for sellers.

Jay Z also tweeted about the pact, saying Quote Jack is one of the greatest minds of our times and our many discussions about titles.

Endless possibilities have made me even more inspired about its future, Square said in a statement.

That title will operate independently within square and existing artists.

Shareholders will be the remaining stake holders title, which Jay Z bought for roughly $56 million in 2015 calls itself an artist owned service backed by Kanye West, Beyonce, Madonna, Rihanna and Nicki Minaj, among others, and is available in more than 56 countries.