Apple Inc. (NASDAQ:AAPL) Closes The Curtains On Tidal

Apple Inc. (NASDAQ:AAPL) has pulled out of talks with Tidal about an acquisition and announced that it is not planning to acquire any music streaming service.

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There have been rumors over the past few months that the company was in holding talks with Tidal over the possibility of an acquisition deal. Such a deal was thought to be good for Apple because it would give the company access to more exclusivity in the music industry. This is because the company would get access to artists that launch exclusive titles through the Tidal Music streaming service.

Tidal was co-founded by rapper Jay-Z and a few other artists. Earlier this year, a report from the Wall Street Journalstated that Apple was interested in Acquiring Tidal. BuzzfeedNews gave a contrary report on Thursday saying that the company does not have any plans of buying Tidal. An Apple Executive released a statement saying that the rumors about the acquisition are not true.

“We’re really running our own race,”stated Jimmy Iovine, the head of Apple Music.

The Apple executive pointed out that the company was not planning to buy any streaming service. However, his statements did not deny the occurrence of any talks with Tidal though he did clarify that there are currently no talks about an acquisition. The talks most likely happened and one of the most compelling evidence is a tweet from Kanye West telling Apple to give Jay his check for Tidal. Apple has been silent on the matter until now.

An acquisition deal, especially with Tidal, would have offered some benefits to apple. However, the company might have lost interest somewhere along the way if the talks did actually happen. Apple believes that its music service, Apple Music is doing fine and that is also evident by the rapid pace of subscribers signing up.

Apple Stock closed the latest trading session at $115.57 following a $3.80 or 3.40% boost from the value of the stock in the previous session. The stock had a trading volume of 90.61 million shares.

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