Rapper Jay-Z has sold a stake in the streaming service he founded, ‘Tidal’, in a deal worth $200m.
US wireless internet service providing company Sprint purchased 33% stake in the streaming service for the figure, Billboard reports.
Tidal’s services would now be available to Sprint’s over 45m customers, and the two companies would reportedly partner for exclusive releases from the streaming services list of artists.
“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,” Sprint CEO Marcelo Claure said in a statement.
“The passion and dedication that these artist-owners bring to fans will enable Sprint to offer new and existing customers access to exclusive content and entertainment experiences in a way no other service can.”
Claure would join Tidal’s board of directors as part of the deal.
“Sprint shares our view of revolutionizing the creative industry to allow artists to connect directly with their fans and reach their fullest, shared potential,” said Jay Z 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 is partly owned by a consortium of top music stars all with a stake – including Jay-Z’s wife Beyonce, Kanye West, Rihanna, Usher and many others.