Seems Dre might just move up on the next Forbes list.
Beats Electronics, home to the wildly popular Beats By Dre headphones and other myriad products, secured a $500 million investment from the Carlyle Group.
Beats, founded by Dr. Dre and Jimmy Iovine and home to products by Lil Wayne and Lady Gaga, received the minority investment to help finance growth, reports The New York Times.
Beats is now valued at more than $1 billion, with Carlyle taking two of six seats on Beats’ board.
Additionally, Beats will buy back the 25 percent stake in itself held by Taiwanese smartphone company HTC for $265 million. Beats also paid off a $150 million note held by HTC.
In addition to headphones, Beats electronics also has speakers and sound systems for Hewlett-Packard and HTC phones in its portfolio.
In 2012, Beats purchased online music streaming service Mog for more than $14 million.
“These transactions represent the evolution of the financial strength and significant growth prospects of Beats,” said Iovine in a statement.
“Carlyle is a fantastic investment partner and we look forward to building the next chapter of Beats,” he added.
Source: HipHop DX
A-Maz is guilty for having 2 addictions in his life – music & tech. A gifted singer, he is a total bookworm & likes sharing the useful bits of information he comes across. You can follow him on twitter @KING_AMAZ to get an insight into his completely unexciting life or check his website www.kingamaz.com where he puts up all the (presentable) music he has recorded