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Beats Electronics pulls away from HTC
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Old 30th September 2013, 06:50   #1
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Default Beats Electronics pulls away from HTC

Looks like the rumors were true. HTC announced today that Beats Electronics will buy back the remaining 25 percent stake it had in the headphone maker for $265 million, all but bringing to an end a two-year partnership that has never really worked out. It's quite a bit of cash for HTC, after it took a 50.1 percent share of Beats for $300 million in 2011, later agreeing to sell 25 percent of its shares back to its partner just shy of its one-year anniversary. Beats, on the other hand, has recently embarked on a global expansion, broadening its product lines beyond headphones to include speakers, in-car audio systems, and soon an online music streaming service. Moving forward, HTC said Beats will remain an important partner but won't comment on the reasons behind its decision to sell.
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