Sprint Corporation (NYSE:S) Would Buy One-Third Of Rap Mogul Jay Z’s Tidal Streaming Platform

Sprint Corporation (NYSE:S) [Trend Analysis] retains strong position in active trade, as shares scoring 0.11% to $9.19 in a active trade session, while looking at the shares volume, around 17.44 Million shares have changed hands in this session. Telecom giant, Sprint (S) declared that it would buy one-third of rap mogul Jay Z’s Tidal streaming platform, breathing new life into a service whose star power has failed to translate into market dominance. Sprint, which is owned by Japan’s SoftBank Corp. and is the fourth-largest mobile service provider in the United States, plans to roll out Tidal content exclusives for the carrier’s consumers.

A joint statement did not reveal the size of the deal but music industry magazine Billboard said Sprint would pay $200 million for the 33 percent stake. Jay Z and other top names in music – including Madonna, Daft Punk and Coldplay’s Chris Martin – in March 2015 unveiled Tidal, promising to give artists greater control in the fast-growing industry of streaming, which allows unlimited, on-demand listening. The firm has institutional ownership of 16.80%, while insider ownership included 0.20%. S attains analyst recommendation of 2.70 with week’s performance of 6.24%.

Prospect Capital Corporation (NASDAQ:PSEC) [Trend Analysis] knocking active thrust in leading trading session, shares an increase of remains unchanged to 8.68 with around 2.26 Million shares have changed hands in this session. Prospect Capital Corporation (PSEC) disclosed that Prospect has purchased an additional $16.0 million of first lien senior secured floating rate notes issued by Mity, Inc. to Prospect for Mity’s acquisition of Holsag Canada. Headquartered in Orem, Utah, Mity is a provider of chairs, tables, carts, and other furnishings for the hospitality, healthcare, restaurant, education, government, and other commercial end markets.

Based in Lindsay, Ontario, Holsag is a manufacturer of chairs and casegoods focused on the senior living, healthcare, and other end markets. The acquisition importantly broadens Mity’s product offering and deepens Mity’s presence in multiple industries. Prospect is the controlling shareholder of Mity alongside management co-investors. The stock is going forward its fifty-two week low with 87.14% and lagging behind from its 52-week high price with -0.57%.

Similar, the positive performance for the quarter recorded as 11.69% and for the year was 64.42%, while the YTD performance remained at 3.95%. PSEC has Average True Range for 14 days of 0.11.

 

About Gerard Bergeron

Gerard Bergeron covers Bio-pharmacy or healthcare sector Press Releases news updates. He has extensive three year of experience in content writing as freelance writer. He performs analysis of Healthcare Companies and provides worthy information for investor community. He is an experienced writer with a precise grasp of the English language and a clear, compelling writing style.

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