Sprint Buys Big Stake in Jay-Z's Streaming Service

Company to own 33% of Tidal
By Newser Editors,  Newser Staff
Posted Jan 23, 2017 10:38 AM CST
Jay-Z in 2012.   (AP Photo/Matt Rourke, file)

(Newser) – It looks like a good day for Jay-Z: Sprint is buying a 33% stake in his music-streaming service, Tidal. Billboard reports the deal was for $200 million. Under the terms, Jay-Z and other big-name celebs—including Beyonce, Madonna, and Kanye West—will remain part-owners. Sprint, meanwhile, will be able to provide exclusive music to its customers. The deal may be a life-saver for Tidal, which has been struggling to compete with Apple Music, Pandora, and Spotify, reports the New York Times. Its holding company lost about $28 million in 2015. (Jay-Z maintains that having artists own the site is what sets Tidal apart.)

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