Sprint and parent SoftBank buy a minority stake in Jay Z’s subscription music service. While the size of the investment couldn’t be learned, sources said the deal values Tidal at around $250 million. At the launch event, Tidal’s chief investment officer, Vania Schlogel, said the service had been working closely with Sprint’s CEO. Sprint is preparing to offer Tidal’s service on its phones although the details and the pricing are unclear.
Sprint withdraws its bid to purchase T-Mobile for as much as $40 million. After many meetings with government officials, the decision not to purchase may be attributed to numerous regulatory issues around the purchase. The company is expected to make an official announcement tomorrow.
Sprint agrees to buy T-Mobile in a $32 billion deal. The consummation of the deal would merge the third and fourth largest mobile network operators in the US. Sprint’s owner Japan’s Softbank and T-Mobile’s majority stakeholder Deutsche Telekom need to finalize the terms of the deal. The deal could hit a bottleneck with the US regulators but the parties are ready to challenge in court if the deal gets blocked.