New York Post

A-list stream dream team

- By CLAIRE ATKINSON

Rap mogul Jay Z (inset), who acquired a Scandinavi­an streaming music service for $56 million in 2015, on Monday flipped a 33 percent stake in the company to Sprint at a stunning $600 million valuation, the company said. In return, the company, Tidal, will make exclusive songs available to the wireless company’s 45 million customers, both entities said. Tidal — a cash-strapped company whose other backers include Rihanna (left), Kanye West, Beyoncé and Madonna — said its management team will keep running the service. Sprint Chief Executive Marcelo Claure will join its board. The close relationsh­ip between Sprint and Tidal stretches back to April 2015, when, The Post reported at the time, Sprint and its parent, the Japanese tech conglom- erate SoftBank, had taken undisclose­d minority stakes in Tidal.

Curiously, back then Sprint denied the news.

At a splashy launch event at the time, Tidal’s then-chief investment officer, Vania Schlogel, said the service had been working closely with Sprint.

Asked in October about Sprint’s ambitions in the entertainm­ent arena, Claure told The Post, “We might be doing something in the music space. I just can’t go there.”

Barclays analyst Amir Rozwadowsk­i wondered what type of content Sprint will gain from Tidal and whether it will do anything to drive an increase in subscriber­s.

The deal underscore­s the extent to which the phone giants are chasing content firms to lure customers and boost data consumptio­n.

Verizon tied up with AOL, and AT&T is in the process of acquiring Time Warner and earlier reported a tie-up with Taylor Swift for exclusive content.

Last week, Tidal was accused by a Norwegian newspaper of inflating its subscriber numbers. Tidal said in March it had 3 million subscriber­s.

 ??  ??

Newspapers in English

Newspapers from United States