Jay Z is selling one-third of his Tidal streaming service to Sprint for $200 million, according to a report released earlier today by Billboard.
As part of the deal, Tidal will become available to Sprint’s 45 million customers; the telecom giant’s CEO Marcelo Claure will join Tidal’s board of directors. Jay Z and his squad of artist-investors will retain stakes in the company; the agreement also calls for a $75 million fund dedicated to musicians’ exclusive releases.
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