Tuesday, January 24, 2017

Jigga Racking Up Bucks: Jay Z sells stake in his Tidal music streaming service

 idrewuk, Creative Commos

Jay Z knows when to hit the bricks and collect a 250% return on his initial investment for a business that hasn't turned a profit. 

BBC reports the American rapper Jay Z is selling a stake in his Tidal music streaming business to the telecoms company, Sprint.

Jay Z bought Tidal three years ago and his wife Beyonce and other artists own equity in the company.

Aiming to challenge larger rivals such as Spotify, Tidal offers artists on its platform more control over their music.

Sprint, which is owned by Japan's Softbank, will pay an estimated $200m (£162m) for a 33% stake in the company.

The deal means that Jay Z, whose real name is Shawn Carter, will make a return on the initial $56m investment he made when he bought Tidal from Norway's Aspiro in 2015.

More here