“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.