Monday, August 19, 2013
Beats Electronics Buys Back Shares From HTC
Los Angeles-based Beats Audio and smartphone maker HTC are in a deal where Beats will buy back 25% of its total shares from HTC, giving Beats a 75% ownership, in a move which pushes the two farther apart. According to the two, they move is a "realignment" of a business agreement, and that HTC will remain the largest outside shareholder in Beats, with approximately 25% of the company. The move comes on reports that Beats Electronics is looking for another, different investor in the company. Beats and HTC announced a $300M deal in August of 2011, focused on helping Beats to penetrate the mobile market via the deal with HTC.