Sprint Acquires Stake In Jay Z's Music Streaming Platform Tidal

Sprint Corp. said on Monday it's acquiring 33% of Jay Z's music streaming service Tidal. Terms of the deal were not disclosed. Sprint plans to make Tidal available to its 45 million post and prepaid customers. "Sprint shares our view of revolutionizing the creative industry to allow artists to connect directly with their fans and reach their fullest, shared potential," Jay Z said in statement. "[Sprint CEO Marcelo Claure] understood our goal right away and together we are excited to bring Sprint's 45 million customers an unmatched entertainment experience." Tidal has had a rocky start since Jay Z bought the company for $56 million in March of 2015. The music streaming platform, touting high quality audio and artist exclusive content, launched with a much-criticized concert and has since shuffled numerous top executives out the door. With the deal, Sprint Chief Executive Marcelo Claure will sit on the Tidal board. Sprint shares are up 211% in the trailing 12-month period, outperforming the S&P 500 Index , which is up 19%.