Tidal, the streaming service owned majorly by rapper Jay-Z and 24 other music artists has seen 33% of its stake acquired by Sprint. The deal, rumored to be worth $200 million will provide a much-needed boost for Tidal which has mostly struggled since Jay-Z bought it for $56 million.
The deal now means Sprint’s 45 million customers will have access to the streaming service and Sprint CEO Marcelo Claure will join Tidal’s board of directors.
Jay-Z said in a statement:
SPRINT SHARES OUR VIEW OF REVOLUTIONIZING THE CREATIVE INDUSTRY TO ALLOW ARTISTS TO CONNECT DIRECTLY WITH THEIR FANS AND REACH THEIR FULLEST, SHARED POTENTIAL. MARCELO UNDERSTOOD OUR GOAL RIGHT AWAY AND TOGETHER WE ARE EXCITED TO BRING SPRINT’S 45 MILLION CUSTOMERS AN UNMATCHED ENTERTAINMENT EXPERIENCE.