Jay Z is selling one-third of his Tidal streaming service to Sprint for $200 million, according to a report released earlier today by Billboard.
As part of the deal, Tidal will become available to Sprint’s 45 million customers; the telecom giant’s CEO Marcelo Claure will join Tidal’s board of directors. Jay Z and his squad of artist-investors will retain stakes in the company; the agreement also calls for a $75 million fund dedicated to musicians’ exclusive releases.
“Jay saw not only a business need, but a cultural one, and put his heart and grit into building Tidal into a world-class music streaming platform that is unrivaled in quality and content,” said Claure in a statement. Added Jay Z: “Marcelo understood our goal right away and together we are excited to bring Sprint’s 45 million customers an unmatched entertainment experience.” Read full Article