Forget about Chou: Beats buys its shares back from HTC
27th Sep 2013 | 11:11
The beat doesn't go on, ladidadidee
The rumours were true: Beats Electronics is buying back all its shares from HTC for $265 million (around £165m / AU$284m).
The Dre-owned audio specialist still plans to work with HTC as a partner, but neither company is willing to explain why the official link-up failed to work out.
HTC bought up 50% of Beats' shares as well as a generous slice of cool-factor two years ago, announcing the partnership at a star-studded, Lady-Gaga-attended party in London town. Will.i.am was there too, of course, which just goes to show.
But the glitz faded quickly and HTC sold Beats 25% of its shares back last year.
More than mobile
Beats has its sights set on more than just mobile phone audio, after all: its headphone range is much beloved by kids these days and it has its eye on music streaming with Daisy set to in the next few months.
HTC, meanwhile, could use the $265m cash injection after a rocky couple of years' financial results.