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Beats seeks new investor, could buy out HTC stake - report

Tom Pakinkis
Beats

Beats Electronics is searching for a new investor with a view to buying out HTC’s remaining stake in the company and expand its reach.

Taiwanese tech company HTC bought a majority stake in Beats in August 2011 for around $300 million.

However, after declines in in sales revenues and profits, HTC sold nearly half of its stake back to Beats last year.

Now, the Wall Street Journal reports, that Beats is considering buying out HTC altogether as well as locking down a new investor to help fund expansion.

At the beginning of the month, Beats Electronics was on track to garner $1.4 billion in revenues this year.

It announced a new streaming music service in February, for which it secured a $60 million investment led by Warner Music Group owner Access Industries in March.

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Tags: Beats, Beats Electronics, beats by dre, beats music

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