The rapper will reportedly make $309 million.
Beats by Dr. Dre, the popular headphone line co-founded by the legendary producer and the Interscope-Geffen Chairman Jimmy Iovine in 2006, has just sold a 51 percent majority stake to HTC for a reported $309 million.
The sale will create an effective partnership between the Taiwanese cellphone manufacturer, Dr. Dre, Iovine and Monster Cable Products, which has served as manufacturer and distributor of the headphones. As part of the new deal, HTC phones will begin featuring Beats technology by this fall.
“The HTC and Beats by Dr. Dre partnership is an opportunity for two world-class companies to redefine the smartphone industry and define the future,” said Iovine in a statement. “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 the consumer feels the music the way that the artist intended.”
Beats Electronics will continue to operate as an autonomous unit and retain the partnerships it has forged with HP and Chrysler.
(Photo: Evan Agostini/PictureGroup)