Sprint Buys Into Tidal at $200 Million & Straight Into Jay Z’s Pockets
Sprint takes 33% stake in Tidal, plans streaming music for its 45M users
U.S. wireless carrier Sprint said on Monday it would buy 33 percent of Tidal, a music streaming service owned by rapper Jay Z, marking a move to more content driven services in a highly competitive wireless market.
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Sprint paid $200 million for the stake, and Jay Z and each of the company’s two dozen artist-owners will remain part owners, according to a person familiar with the deal.
The deal would make exclusive content from Tidal available to Sprint’s 45 million retail customers. Sprint Chief Executive Marcelo Claure will join Tidal’s board.
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