Dr. Dre Sells Beats Electronics to HTC for $309 Million
Jay-Z isn’t the only hip hop mogul making power moves these days. Dr. Dre and Interscope Geffen A&M Records CEO Jimmy Iovine have sold a majority stake of their Beats Electronics company to Taiwan-based smartphone maker company HTC for a cool $309 million.
HTC will now have 51% ownership of the company, best known for the Beats by Dr. Dre headphones and other celebrity-endorsed lines. As part of this new partnership, HTC will incorporate Beats technology into all of their phones by the end of the year. Although Dre and Iovine now have the minority stake, they will still operate Beats.
Iovine released the following statement regarding the new deal:
“The HTC and Beats by Dr. Dre partnership is an opportunity for two world-class companies to redefine the smartphoneindustry and define the future. For Beats by Dr. Dre, this represents a critical step in our continued mission to clean up the destruction of audio caused by the digital revolution and reengineer how sound is delivered, so the consumer feels the music the way that the artist intended.”