Sprint buys $200 million stake in Jay Z’s Tidal

Sprint Corp. S, +3.42% acquired a 33% stake in rapper and businessman Jay Z’s music streaming service Tidal. The deal Monday to bring the high-fidelity streaming service to its 45 million post and prepaid customers cost Sprint $200 million, according to a source familiar with the situation.

A source told MarketWatch the deal also includes a $75 million a year marketing fund that will be used to obtain and promote exclusive content from artists. The fund can go to production, marketing, concerts, or a number of other uses to get content in front of users.

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