News

Dr. Dre’s Beats electronics worth nearly $1 billion

Dr. Dre’s Beats electronics worth nearly $1 billion

BILLION DOLLAR BEATS: The electronics company started by Dr. Dre is worth about $1 billion. Photo: Associated Press

Dr. Dre’s Beats Electronics company is set to be valued at a whopping $1 billion after taking on a major new investor.

The super-producer established the audio firm in 2008 with Interscope Records executive Jimmy Iovine, and their Beats By Dre headphones and speaker lines have become huge hits on the market, with superstars including Justin Bieber, Lady Gaga, Sean ‘Diddy’ Combs and Nicki Minaj each landing their own ranges.

The massive success of the brand has attracted interest from executives at private equity organisation the Carlyle Group, known for its defense and aerospace companies, who have signed a deal to pump an extra $500 million into Beats Electronics in exchange for an undisclosed stake in the firm.

The new investment will boost the worth of Beats Electronics to $1 billion, according to Reuters.

News of the Carlyle Group’s purchase comes as bosses at another investor, Taiwanese cell phone makers HTC, announced plans to sell off the remaining 25 percent of its stake in Dre’s brand.

HTC chiefs bought a 51 per cent cut of Beats Electronics in 2011 for $300 million.

Latest Stories

in Local Sports, Sports, UVA Sports

Mike London To Return For 2015 Season

Mike London

CHARLOTTESVILLE, Va. – Mike London will return as head football coach at Virginia for the 2015 season University of Virginia Director…

in Sports

Source: Redskins to start Colt McCoy over RG3

rg3

The Washington Redskins plan to start Colt McCoy over Robert Griffin III on Sunday against the Indianapolis Colts.

in Sports, Weird

50 years later, skating team claims Olympics bronze

skating

Fifty years after Vivian and Ronald Joseph skated at the Innsbruck Olympics, the American pair officially got their medals.