Money and music moguls, Dr. Dre and Jimmy Iovine continue to suffer from success as they have recently found a company interested in purchasing a stake of their popular Beats By Dre headphone brand, hit the jump to hear more details of the half a billion deal!
The Beats By Dre empire continues to reign on top of all the other headphone brands as they continue to build and gain assets to the quality brand! The company has found a $500 million dollar investor that is sure to make the brand only more powerful than it already is:
SOHH reports: “Jimmy Iovine and Dr. Dre have found the deep-pocketed investor they were seeking for Beats Electronics. Carlyle Group, a DC-based private-equity firm, is investing $500 million for a minority stake in the company, The Wall Street Journal reports, The new investment values beats at more than $1 billion, significantly north of the roughly $600 million valuation put on the company by an investment from HTC two years ago. Carlyle will become a shareholder and is expected to take two of the six seats on Beats’ board. (HITS Daily Double)”
“The Interscope Records CEO has already confirmed the power move and noted what it meant for Beats’ future. HTC said today it has agreed to sell back its remaining stake in Beats for $265 million; it paid around $300 million for a majority stake in 2011. Iovine told the paper that the latest transactions reflect the company’s “significant growth prospects,” while Carlyle’s Sandra Horbach said her firm is “confident that Beats will continue to drive innovation and growth in the premium audio accessory market.” (HITS Daily Double)”
The Beats Electronics company has helped Dre gain a top 3 spot on the Forbe’s “World’s Highest Paid Hip Hop Artists” List this year and next year the brand may just bring him to number 1!!
