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Sprint Just Bought A Huge Stake In Tidal

Sprint put down a colossal $200 million for part-ownership of Jay Z's music streaming company.
Sprint Just Bought A Huge Stake In Tidal
Larry Busacca

Things have been pretty quiet on the Tidal front in recent months.

But the company made a splash Monday when it was announced that Sprint bought a whopping 33 percent of Tidal, a move that changes the streaming service’s prospects dramatically.

A source told Billboard that Sprint paid $200 million for its stake. So what does this mean for head-honcho Jay Z and its famous co-owners? They will remain part owners, Rolling Stone reports.

“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. “[Sprint CEO Marcelo Claure] understood our goal right away, and together we are excited to bring Sprint’s 45 million customers an unmatched entertainment experience.”

Little has been released about how the partnership will play out. What we do know for sure is that Sprint customers will have access to exclusive Tidal content. Plus Sprint will also establish a dedicated marketing fund specifically for Tidal artists that will afford them “the flexibility to create and share their work with and for their fans.”