Sprint Buying 33% of Tidal

Sprint said it is buying a 33% stake in Tidal under a partnership that will see the mobile carrier offer the online music service to 45 million post- and prepaid subscribers.

Financial terms weren’t announced, but Billboard pegged it at about $200 million.

As part of the deal, Tidal and its artists will also offer exclusive content to current and new Sprint subs (more detail on that is to be announced), and look to apply more competitive pressure on rival services such as Spotify and Apple Music.  

Jay Z and the artist-owners of  Tidal, which include Madonna Kanye West and Beyonce, will continue to run the service. Sprint CEO Marcelo Claure will join Tidal’s board of directors.

Tidal said it’s currently available in more than 52 countries and offers a library of more than 42.5 million songs and 140,000 videos.

“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.”

“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,” added Claure. “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.”