Dr. Dre Selling 51% of Beats Electronics
Legendary hip hop producer Dr. Dre and his company Beats Electronics are selling a 51% stake of the company to HTC, a Taiwanese telephone manufacturer, for $300 million dollars. Beats specializes in making headphones, customized for a number of pop stars, and is a joint venture between Dre, Interscope Records and Jimmy Iovine.
HTC wants to improve the sound quality on its products--which led to the acquiring of a percentage of Beats.
“This will give us opportunity to innovate,” HTC Chief Executive Officer Peter Chou said. “When Jimmy and Dre started this, they had a very specific vision of what Beats would be,” added Beats Electronics president Luke Williams. “It wasn't about headphones, it was about fixing the degradation of sound.”