Dr. Dre & Jimmy Iovine Receive $500 Million Investment For Beats Electronics
Dr. Dre and Jimmy Iovine shook up the infrastructure of culture, marketing, and a host of other things with the Beats Electronics brand. And don't expect that to change any time soon, as the aforementioned power duo received a $500 million investment from top private equity firm, the Carlyle Group.
According to The New York Times, the minority investment was struck to help financial growth. With the deal in place, Carlyle will take two of the six seats on the Beats' board.
Beats will also buy back the 25 percent stake held by Taiwanese smartphone company HTC for $265 million, and also repaid a $150 million note held by HTC.
While currently dominating 64 percent of the market share of headphones costing more than $100, Beats' entry into new business like speakers and an online streaming service almost ensure a fruitful future.
The company is now on track to make around $1.2 billion in revenue in 2013.
Photo: Beats Electronics