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08-14-2011, 06:22 AM #1
HTC To Buy Majority Stake in Dr Dre Headphones Firm
Taiwan’s HTC announced on Thursday that it plans to buy a majority stake in the premium headphones manufacturing company founded by rapper Dr. Dre and music industry icon Jimmy Iovine.
According to reports, HTC will invest over $300 million for a 51 percent stake at Beats Electronics LLC which is appraised by HTC to be worth around $600 million.
HTC, together with Beats will be releasing smartphones with the headphones company’s technology this fall, a press release from HTC reveals.
According to Iovine, Beats by Dr. Dre Chairman and Chairman and CEO of Interscope Geffen A&M Records: “The HTC and Beats by Dr. Dre partnership is an opportunity for two world-class companies to redefine the smart phone industry 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 that the consumer feels the music the way that the artist intended,” he said.
“We believe our strategic partnership will provide customers with unbeatable sound on HTC phones,” HTC CEO Peter Chou said in a statement.
Despite HTC becoming the major stakeholder in Beats, it “will continue to operate autonomously with Iovine as Chairman and Luke Wood as President & COO with its current business partnerships that include Monster Cable Products Inc., Hewlett-Packard and Chrysler Group LLC,” the press release said.
“Iovine will also continue serving as Chairman of Interscope Geffen A&M Records,” the HTC release added.
08-15-2011, 03:05 AM #2
- Join Date
- Aug 2011
good stuff, cant wait for the phones