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Dr. Dre Selling 51% of Beats Electronics

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Taiwanese Phone Company Buys Into Brand
6:00AM ET August 11th, 2011
Contributor : Chris G.
A Rocky Williform Company

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.

âThis will give us opportunity to innovate,â HTC Chief Executive Officer Peter Chou said. âWhen Jimmy and Dre started this, they had a very specific vision of what Beats would be,â added Beats Electronics president Luke Williams. âIt wasn't about headphones, it was about fixing the degradation of sound.â

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