Beats Electronics free of HTC control after $265 million buyback deal
It was rumored over the summer and today it's official — Beats Electronics, the company behind Beats Audio and Beats By Dre, has bought back the remaining 25 percent stake in it held by HTC in a $265 million deal. The Taiwanese smartphone maker originally acquired a 50.1-percent stake in Beats at the height of its success in 2011, before founders Jimmy Iovine and Dr. Dre bought back half of that a year later.
Over the course of the partnership, the companies' fortunes have diverged, with HTC falling on hard times as Beats has grown and expanded its business beyond headphones. HTC described Beats as an "important partner" in a statement to the Taiwan Stock Exchange, without going into further details about the consequences of the buyback. The deal is expected to close by the end of the year.
Source: Dow Jones Business News; via: Engadget
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Olivia Wilde
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