Jay Z is selling the telecoms company, Sprint a stake in his streaming platform, Tidal.
The American rapper bought Tidal three years ago and his wife Beyonce and some other famous artists own equity in it.
Sprint will apparently pay an estimated $200 million for a 33% stake in the company. This deal means Jay Z already made quite the return from Tidal as his first investment was $56 million.
Sprint’s investment is expected to give the streaming service a boost in its competition with other streaming platforms such as Spotify and Apple Music, who are currently much bigger and more used than Tidal.
We have to wait and see what the future will bring.