Music and Entertainment | Malmö, Sweden | Secondary Transaction
US wireless carrier Sprint (NYSE: S) has acquired a third of Tidal, the streaming music and video service purchased by Jay Z for $56 million in 2015. Under the agreement, Jay Z and the company's other artist-owners, which include Beyoncé and Kanye West, will continue to run the business. Sprint CEO, Marcelo Claure, meanwhile, will join Tidal's board of directors. The deal comes after Tidal reportedly engaged Apple (NASDAQ: AAPL) in takeover talks last summer, with plans to incorporate the business into Apple Music. Sprint's shares closed up almost 3% Monday.