Sprint to buy a third of Jay Z’s music streaming service Tidal

Category: Music

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U.S. wireless carrier Sprint Corp said on Monday it would buy 33 percent of Tidal, a music streaming service owned by rapper Jay Z, marking a move to more content driven services in a highly competitive wireless market. Sprint paid $200 million for the stake, and Jay Z and each of the company's two dozen artist-owners will remain part owners, according to a person familiar with the deal. Sprint shares rose 3.4 percent to $9.23 in midday trading on the New York Stock Exchange.