Tidal, music-streaming service controlled by hip-hop mogul Jay-Z, has sold 33% of its stake to Sprint, a telecommunications company.

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The deal is a breath of fresh air for the company which has been struggling to compete with the likes of Apple Music, Spotify and Pandora.

According to Billboard, Sprint is paying $200 million for its stake, which essentially means that Tidal is valued at $600 million.

“Sprint shares our view of revolutionizing the creative industry to allow artists to connect directly with their fans and reach their fullest, shared potential,” Jay-Z said in a statement.

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“Marcelo understood our goal right away, and together we are excited to bring Sprint’s 45 million customers an unmatched entertainment experience.”

Based on the terms of the deal, Jay-Z, Beyoncé, Madonna, Kanye West and Alicia Keys will continue to run the service.

Marcelo Claure, the chief executive of Sprint, is expected to join Tidal’s board.

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Although Tidal says it has more than three million subscribers, Midia Research, a market research company, recently estimated that the streaming service had only one million paying users.

In 2015, a financial statement filed by Aspiro AB, Tidal’s Swedish holding company, said the music-streaming service suffered a net loss of $28 million.

Jay-Z acquired Tidal two years ago for $56 million.

Sprint, which has 45 million customers, is controlled by SoftBank of Japan.

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