September 25, 2017

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Sprint Buys 33% Stake in Jay Z’s Tidal Streaming-Music Service

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Sprint has acquired a 33% stake in Tidal, the streaming-music service founded by Jay Z, and with the deal the wireless carrier will offer exclusive Tidal content available only to Sprint customers.

The dollar figure of Sprint’s investment was not disclosed. Jay Z and Tidal’s artist owners will continue to run the service. Under the pact, Sprint CEO Marcelo Claure will join Tidal’s board of directors.

The companies didn’t specify what Tidal content would be available on an exclusive basis to Sprint subscribers, saying they would provide additional details about that in the future.

“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.”

Tidal offers access to more than 42.5 million songs and 140,000 videos, through its service available in more than 52 countries.

Claure said in a statement, “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.”

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