Sprint Buys 33% of Jay Z’s Music Streaming Service Tidal
Sprint Corp. has acquired a 33% stake in music streaming service Tidal as the fourth-largest U.S. wireless carrier turns to media streaming to attract more customers with exclusive content.
Marcelo Claure, Sprint’s CEO, will join the Tidal board, and musician Jay Z will continue to run the business, according to a statement Monday. Financial terms of the deal weren’t disclosed. Sprint paid $200 million for the stake, according to a report in MusicBusinessWorldwide.
Sprint’s pact with Tidal comes after larger wireless rivals have added streaming services to the lists of features they offer to subscribers. AT&T Inc. waives data charges to customers that subscribe to its online TV service, DirecTV Now. Verizon Communications Inc. provides customers free streaming of NFL games and its go90 video service. T-Mobile US Inc. lets users stream music and video from more than 100 partners without racking up big bills.
