Beats Audio Officially Buys Itself Back from HTC
As if the dismal financial future that has been getting worse for HTC isn't enough, now it is confirmed that their Beats Audio business partner no longer wants to team up with them. According to the latest report, the Beats by Dre company just bought back the 25% ownership that HTC held onto from the previous renegotiation. They purchased the final share's of themselves back from HTC for $265 million USD.
Previously in 2011, HTC bought a 51% stake in Beats Audio, but a year later, founders Jimmy Iovine and Dr. Dre bought half of those stocks back, leaving HTC with only 25% ownership. After this latest deal, Beats is wholly owned by itself and HTC has no stake in the company. Both HTC and Beats called each other important partners going forward, and HTC will still utilize Beats Audio technology in several of its devices. For the most part though, this just seems like the typical "playing nice" between two parties when they have an amicable divorce.
Source: It's official! Beats buys back HTC's stake in the company