TIDAL has sold 33% of its stake to mobile phone carrier Sprint, a deal worth roughly $200 million. JAY Z and all of the original owners will remain with a stake in the streaming service and the app should be broadcasted to all 45 million of its customers soon. Also, Sprint CEO Marcelo Claure will join the TIDAL board of directors.
The best part of the deal for TIDAL is the fact that they will have a “Marketing Fund” that is estimated at about $75 million, for the sole purpose of artist initiatives and exclusives.
“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.” – JAY Z