SPRINT PURCHASES MAJOR STAKE IN TIDAL

Jay Z Barneys Statement

Sprint has purchased a 33% stake in the Jay Z-owned Tidal music-streaming service. The service which is co-owned by Jay Z and a number of other artists has had its struggles in the crowded music-streaming space. Last it year it was helped tremendously by the exclusive release of Beyoncé’s “Lemonade” album. Sprint’s CEO, Marcelo Claure, will be joining Tidal’s board of directors.

According to Jay Z, “Sprint shares our view of revolutionizing the creative industry to allow artists to connect directly with their fans and reach their fullest, shared potential. Marcelo understood our goal right away and together we are excited to bring Sprint’s 45 million customers an unmatched entertainment experience.”

As part of the deal Sprint’s retail customers will have access to exclusive content that will not be available to other Tidal users.