American rapper, business mogul and music demi-god, Shawn
Corey Carter popularly known as Jay-Z has sold one-third (33%) of Tidal’s streaming service to Sprint for over $200 million.
According to Forbes, part of the deal will have Tidal available to Sprint’s 45 million customers while CEO Marcelo Claure will join Tidal’s board of directors.
Commenting on the recent development, Marcelo Claure said;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 Jay-Z on the other hand also had some good words to throw around saying Marcelo understood Tidal’s goals;
Marcelo understood our goal right away and together we are excited to bring Sprint’s 45 million customers an unmatched entertainment experience.
However Jay-Z would retain stakes in the company as $75 million fund would be dedicated to musicians’ exclusive releases, this being agreed by both parties.