“Mobile phone carrier Sprint is buying 33% of pop star Jay Z’s Tidal and will offer the service to its 45 million subscribers, giving the also-ran music company a potentially huge lift in its battle against Apple Music, Spotify and other contenders,” Aaron Pressman reports for Fortune.
“For Sprint, the fourth-largest wireless carrier, the move could add momentum and keep it from falling farther behind rival T-Mobile in the fight for mobile customers,” Pressman reports. “Sprint declined to disclose how much it paid for the 33% stake. Billboard reported the deal was for $200 million, citing an anonymous source, valuing Tidal at $600 million.”
“Sprint CEO Marcelo Claure also will join the board of Tidal,” Pressman reports. “Claure has been trying to drag Sprint out of a tailspin that saw it drop to last place among the major wireless carriers.”
Read more in the full article here.
MacDailyNews Take: Next, in an attempt to match the blockbuster synergies of the Sprint-Tidal deal, Sears is going to buy a stake in Radio Shack.
uh sure sign the executive team at Sprint is lacking in brains.
You may not think the service was any good. But the initial investors have made off like bandits.
Sears bought Kmart!!!
Actually, other way around Kmart bought Sears and they use Sears Holding as the Parent name.
One word-
MQA….