On Monday, Sprint made an unexpected announcement stating that it’s acquiring 33% stake of TIDAL, a an Spotify competitor owned by New York rapper Jay Z. Sprint announced that the service will still be managed by Jay Z and his current crew and will not have any involvement on how the service operates.
“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. “Marcelo understood our goal right away and together we are excited to bring Sprint’s 45 million customers an unmatched entertainment experience.”
Sprint says that this deal will give new and existing customers “access to exclusive content and entertainment experiences in a way no other service can.” As part of the deal, Sprint’s current CEO Marcelo Claure, will be joining TIDAL Board of Directors.