According to a report released by Billboard, Jay-Z is selling a third (33%) of his music streaming service Tidal to Sprint for $200 million.
The deal will make Tidal accessible to Sprint’s 45 million subscribers. Additionally, Sprint CEO, Marcelo Claure will become a member of the board of directors at Tidal. Meanwhile, Jay-Z and his fellow artists-turned-investors will maintain their stakes in Tidal.
The Sprint-Tidal agreement also includes a $75 million fund set aside for exclusive deals with musicians’ new releases.
In a statement, Sprint CEO Claure said, “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.”
Jay added, “Marcelo understood our goal right away, and together we are excited to bring Sprint’s 45 million customers an unmatched entertainment experience.”
It might be important to point out that the Sprint purchase of stakes at Tidal comes hot on the heels of a controversial story about the music streaming company released last Friday by Dagens Naeringsliv. The Norwegian business newspaper reported that the Oslo-based Tidal was inflating …read more
Read more here:: Jay-Z sold a third of Tidal to Sprint for $200 Million