News - 23/01/2017

US telco Sprint has acquired a 33% stake in Tidal

US telco Sprint has acquired a 33% stake in Tidal

US telco Sprint has acquired a 33% stake in Tidal. The deal, for an undisclosed amount, will also see Sprint promote Tidal to its 45m+ customers in the US, with Tidal providing "exclusive content that will only be available to current and new Sprint customers". Sprint is also launching a "dedicated marketing fund specifically for artists" as part of the deal.

Jay Z in said in a statement:

Sprint shares our view of revolutionising the creative industry to allow artists to connect directly with their fans and reach their fullest, shared potential

Sprint CEO Marcelo Claure will now join Tidal's board of directors.

The deal comes nearly two years after Sprint publicly denied that it was planning to invest in Tidal, after media speculation to that effect. Since then Tidal has been linked with potential acquisitions by Samsung and Apple, although both are thought to have pulled back. Sprint's investment should secure Tidal's short-term future, at a time when there are widespread expectations that the music-streaming market is about to consolidate – among the global players, at least.

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