SPRINT BUYS 33%
OF TIDAL

Jay Z’s streaming-music service Tidal has sold a one-third stake to Sprint, which will integrate the service into its phone offerings. Key for both parties is the promise of exclusive content.

In announcing the deal, the two said further details of the arrangement would be revealed later. And while no financial details were disclosed, it did note Marcelo Claure, the chief executive of Sprint, will join Tidal’s board.

For Tidal, this may be the crucial jolt it needs to elevate it from status of also-ran in the streaming wars as the deal provides access to Sprint’s 45m customers; the number of Tidal subscribers is a source of debate.

“Sprint shares our view of revolutionizing the creative industry to allow artists to connect directly with their fans and reach their fullest, shared potential,” Jay Z said 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.”

The Tidal team will remain in place operating the service that Jay Z acquired two years ago for $56m.