HTC Buys Large Stake In Dr. Dre’s ‘Beats’ Company For $300million
Beats Electronics and mobile device company HTC Corporation have entered a strategic partnership to bring high performance sound to HTC phones.
HTC will release a line of devices integrated with Beats sound innovations this fall.
The $300 million investment gives the Taiwan-based telephone firm a majority stake in the electronics brand. Beats Electronics will continue to operate autonomously with Jimmy Iovine as chair and Luke Wood as President and COO.
Interscope Geffen A&M Records chief Iovine said in a statement Wednesday, “The HTC and Beats by Dr. Dre partnership is an opportunity for two world-class companies to redefine the smart phone industry and define the future.
“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 that the consumer feels the music the way that the artist intended.”
HTO Corporation CEO Peter Chou said, “Beats has found a unique way to harness popular culture in a manner that is unlike any other brand today. It’s an exciting brand that has been built around providing something very special, and we believe our strategic partnership will provide customers with unbeatable sound on HTC phones. We obsess over every detail of a consumer’s mobile experience and audio is a critical part of that experience.”
Beats By Dr. Dre offers overs over-ear headphones, earbuds, “artist series” ear buds and speakers. The audio system is also integrated into select HP computers.
Best Buy will retail the Beats/HTO phones.
“Our customers have clearly responded to Beats and HTC, and Best Buy is proud to feature their products in our stores,” said Best Buy CEO Brian J. Dunn. “We are committed to offering innovative and entertaining technologies that help consumers enhance their lives. The unique HTC Sense experience and the great sound of Beats provide prime examples of that focus.”
As reported by Billboard