Sprint will acquire a 33% stake in Tidal, the streaming music service owned by rap mogul Jay Z, the wireless carrier announced Monday.
The deal is part of a partnership between the two companies where Sprint customers will receive exclusive content for customers who subscribe to Tidal. Sprint did not say when the acquisition would be complete.
“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 Sprint CEO Marcelo Claure in a statement.
Sprint says the artist-owners who run Tidal will continue to run the streaming music service as before. Artists involved in the venture, including Alicia Keys, Kanye West and Madonna, each own 3% equity in Tidal, while Jay Z owns the remainder.
The service hosted several albums exclusively before reaching other streaming platforms, such as the Beyoncé album Lemonade released last year.
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SOURCE: USA Today, Brett Molina