Beats Buys Back Stake From HTC For $265 Million
It has been rumored since August that Beats By Dr. Dre was going to end their partnership with HTC. HTC and Beats By Dr. Dre have been partners since 2010.
Three years ago, HTC owned 50% of Beats by Dr. Dre before selling back half their stake back last year for $150 million. It is believed that the remaining 25% will sell for $265 million. HTC put in $300 million and they will likely walk away with a total of $415 million.
Beats By Dr. Dre has partnered with new investor Carlyle Group recently. Carlyle will be putting in $500 million to help Beats expand their product line and distribute internationally.
Beats is also rumored to be working on a streaming music service. The Carlyle Group will be choosing two of the six members of the board. Beats will have four seats.