Just when everyone thought it was failing.
The American phone network “Sprint” has announced intentions to buy a third of the company from Jay-Z for his music streaming platform, Tidal.
It looks like things are about to run a little smoother for Hov, as the business is set to get a new part owner.
Sources suggest that “Sprint” paid a whopping $200 million for their stake in the company where Jay-Z will remain part owner, as will Rihanna, Calvin Harris, Usher, Beyonce and the rest of the 12 music artists that own the company.
The new partnership may have just come at the right time for Jay, giving new light in boosting the streaming service which needs to finally compete with Spotify and Apple Music. Hov and the other owners will remain in charge of running the show, while Sprint’s chief executive will join the company’s board.
Since the deal came to light, Sprint’s stock rose 3.4% in just one day.
Keep your eyes peeled on this one !
Written by Kenny Leavett