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On Monday, wireless carrier Sprint (S - Free Report) announced it will be purchasing a 33% stake in the streaming music service Tidal, owned by hip-hop mogul Jay Z.
While Sprint did not say when the acquisition would be finalized, the new deal is part of a partnership between both companies where Sprint customers will receive exclusive Tidal content. Sprint has about 45 million retail customers.
Jay Z, as well as the group of artist-owners who helped introduce Tidal and who are involved in operations, including Beyoncé, Madonna, Kanye West, and Alicia Keys, will continue to run the service. Sprint CEO Marcelo Claure will join Tidal’s board.
"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," said Claure in a statement.
“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. “Marcelo understood our goal right away, and together we are excited to bring Sprint’s 45 million customers an unmatched entertainment experience.”
Jay Z bought Tidal two years ago for $56 million, but despite exclusive content and early access to high profile releases like Beyoncé’s Lemonade, the streaming service has been overshadowed by its two main rivals, Spotify and Apple’s (AAPL - Free Report) Apple Music. Even its subscriber count has come under question by music industry analysts. This deal with Sprint, then, may be the lifeline Tidal needs.
Sprint had originally toyed with purchasing a large stake in Tidal back in 2015, but eventually walked away from any formal deal. And just last year, rumors swirled that Apple was thinking of acquiring Tidal in order to give Apple Music a little boost.
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Sprint to Purchase 33% Stake in Jay Z's Tidal
On Monday, wireless carrier Sprint (S - Free Report) announced it will be purchasing a 33% stake in the streaming music service Tidal, owned by hip-hop mogul Jay Z.
While Sprint did not say when the acquisition would be finalized, the new deal is part of a partnership between both companies where Sprint customers will receive exclusive Tidal content. Sprint has about 45 million retail customers.
Jay Z, as well as the group of artist-owners who helped introduce Tidal and who are involved in operations, including Beyoncé, Madonna, Kanye West, and Alicia Keys, will continue to run the service. Sprint CEO Marcelo Claure will join Tidal’s board.
"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," said Claure in a statement.
“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. “Marcelo understood our goal right away, and together we are excited to bring Sprint’s 45 million customers an unmatched entertainment experience.”
Jay Z bought Tidal two years ago for $56 million, but despite exclusive content and early access to high profile releases like Beyoncé’s Lemonade, the streaming service has been overshadowed by its two main rivals, Spotify and Apple’s (AAPL - Free Report) Apple Music. Even its subscriber count has come under question by music industry analysts. This deal with Sprint, then, may be the lifeline Tidal needs.
Sprint had originally toyed with purchasing a large stake in Tidal back in 2015, but eventually walked away from any formal deal. And just last year, rumors swirled that Apple was thinking of acquiring Tidal in order to give Apple Music a little boost.
Stocks that Aren't in the News…Yet
You are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. Many of these companies are almost unheard of by the general public and just starting to get noticed by Wall Street. They have been pinpointed by the Zacks system that nearly tripled the market from 1988 through 2015, with a stellar average gain of +26% per year. See these high-potential stocks now>>