HTC Sells Back Half Of Beats Electronics To Owners For $150 Million
Telephone maker HTC has sold back half of their stake in Beats Electronics, the company co-owned by producer Dr. Dre and Jimmy Iovine.
According to the Chicago Tribune, HTC sold 25% of their shares back to Beats Electronics for $150 million.
HTC originally purchased a 50% stake in Beats Electronics for $309 million, in August 2011.
According to HTC, the sale “provides Beats with more flexibility for global expansion while maintaining HTC’s major stake and commercial exclusivity in mobile.”
Today (July 23), HTC’s shares fell almost 4% because of the news, with investors being concerned about HTC’s strategy for the future.