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.
Top NewsMonday, August 19, 2013
Beats Electronics Buys Back Shares From HTC