Telecommunications service Sprint has announced it has acquired a portion of Jay Z’s streaming service Tidal. The announcement was made on Monday that Sprint has bought a 33 percent stake in Tidal which will provide millions of Sprint Subscribers unlimited access to exclusive content from the streaming service though the two companies will still remain in control. Sprint hasn’t revealed how much it gave Tidal for the deal but according to report from Billboard, the company paid about $200 million for shares in Tidal.
Claure, who is the CEO of Sprint applauded Jay Z saying, “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 unrivalled in quality and content.” He continues to say that “The passion and dedication that these artist-owners bring to fans will enable Sprint to offer new and existing customers access to exclusive content and entertainment experiences in a way no other service can.”
“Sprint shares our view of revolutionising the creative industry to allow artists to connect directly with their fans and reach their fullest, shared potential,” Jay Z said in a press statement.
Jay Z purchased Tidal for over $56 million in 2015 and according to a Wall Street Journal report in June Apple wanted to acquire Tidal to speed up its Apple music service.
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