Looks like producer Dr. Dre is going to be hundreds of millions of dollars richer, as he and his company Beats Electronics will sell a 51% stake of the company to Taiwanese cellular company, HTC for $300 million dollars. (Read about Dr. Dre and Chrysler’s collaboration.)
The Wall Street Journal reported that the company was acquired to improve the sound quality on phones, music, video games and movies for HTC.
HTC’s CEO, Peter Chou stated:
“This will give us opportunity to innovate.”
Beats Electronics is a joint venture between Dr. Dre, Jimmy Iovine and Interscope Records. Although selling 51% of the stakes to HTC, Dr. Dre and Jimmy Iovine will still be running Beats Electronics. The company’s president, Luke Williams, stated:
“When Jimmy and Dre started this, they had a very specific vision of what Beats would be. It wasn’t about headphones, it was about fixing the degradation of sound.”
We’ll wait for what Beats and HTC come up with. In the meantime, you might want to fix your degradation of sound by getting this: