Sprint, Softbank invest at $250m valuation
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.
Withdraws T-Mobile bid
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.