Sprint is officially shaking hands with Jay Z as they buy out 33% of his TIDAL streaming services. According to the sources, the deal encloses a handsome amount of $200 million that Sprint paid for the stake.
Even with Sprint coming on board with TIDAL, Jay Z and each of the company’s two dozen artist-owners will still remain part owners. This power move comes as wireless carriers try to capitalize on the popularity of music streaming services.
The deal would make exclusive content from Tidal available to Sprint’s 45 million retail customers. Jay Z and the artist-owners will in turn continue to run the company under the newfound partnership. Sprint Chief Executive Marcelo Claure will join Tidal’s board.
“Sprint shares our view of revolutionizing the creative industry to allow artists to connect directly with their fans and reach their fullest, shared potential,” said JAY Z. “Marcelo (Sprint’s chief executive officer) understood our goal right away and together we are excited to bring Sprint’s 45 million customers an unmatched entertainment experience.”