A recent stock sale gives more truth to Dre’s lyric “you should listen to this beat through my headphones.”
Taiwanese cellphone company HTC, who bought a majority position in Beats Headphones under a year ago for $300 million, has sold half its shares for $150 million. Beats Headphones is known for the Beats by Dr. Dre Headphone line; the company was founded by Dre and record mogul Jimmy Iovine.
HTC also loaned Beats $225 million. The move “provides Beats with more flexibility for global expansion,” according to HTC’s website. Beats had almost $500 million in sales in the US last year, accounting for about a quarter of the $2 billion headphone market. Beats headphones have been promoted heavily by both hip-hop’s sleeping giant and the American Idol coach. [via NYT]