TeliaSonera is to make a $115 million investment in the music streaming service Spotify.
The purchase gives the Swedish-Finnish telco a 1.4% stake.
In a statement TeliaSonera said both companies would commit resources, staff and other assets to a new joint innovation project covering areas such as media distribution, customer insights, data analytics and advertising.
“We have a long and great relationship with TeliaSonera and I’m pleased we’re able to take this to the next level together with this strategic partnership”, said Daniel Ek, CEO and Founder, Spotify.
“We’ve set-out to create a New Generation Telco where innovation is key to our success. Spotify is a great company, loved by customers and with a world class take on innovation I’m excited to join Spotify’s journey as investor and key partner”, says Johan Dennelind, President and CEO, TeliaSonera.
Martin Lorentzon, Spotify Chairman of the Board, has been a member of TeliaSonera’s Board of Directors since 2013, though TeliaSonera made clear he had not been directly involved in the discussions.