Sprint Acquires 33% Stake In Jay Z's TIDAL For $200 Million

Sprint has acquired a 33% stake in TIDAL, throwing the Jay Z lead music streamer a lifeline. Rumors that TIDAL was struggling, that had been swirling for months, intensified last week after a detailed report that it had been inflating subscriber numbers.

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TIDAL  and Sprint announced a partnership today that includes the mobile carrier acquiring a 33% stake in the music streamer for a reported $200 million.

Jay Z and the other artist-owners will continue to run TIDAL, according to the announcement, but  Sprint’s chief executive officer, Marcelo Claure, will join TIDAL’s Board of Directors.

Under the deal, Tidal artists will begin delivering exclusive content to Sprint’s 45 million retail customers that also subscribe to Tidal.  The partnership should provide Tidal cash, marketing clout and direct billing with customers of the fourth largest mobile carrier in the U.S.

Sprint will also establish a dedicated marketing fund which will "allow artists the flexibility to create and share their work with and for their fans." 

“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 in a statement. “Marcelo understood our goal right away and together we are excited to bring Sprint’s 45 million customers an unmatched entertainment experience.”

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