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.

Recent Headlines

in Sports, Viral Videos

Marshawn Lynch doesn’t want to get fined

23-overlay5

The Seattle Seahawks running back has a goal for Media Day.

in Viral Videos

School announces snow day with ‘Let It Go’ parody

22-overlay5

Who needs robocalls when you can declare school closures through song?

in Lifestyle

Drunk driving less likely in cities with Uber ride services

Uber West Coast Regional Manager William Barnes sits in the back of a car during a photo shoot Friday, Oct. 24, 2014, in Las Vegas. The ride sharing company has begun operations in Nevada.

Mothers Against Drunk Driving works with Uber to establish ride service rights in cities around the world.

in Music

Taylor Swift’s Twitter, Instagram hacked

taylor-swift-620x400

A cyber-hooligan gained access to a couple of the mega-star's social media channels

in Entertainment

Benedict Cumberbatch apologizes for ‘colored’ remark

Benedict Cumberbatch attends a special screening of "The Imitation Game" at the DGA Theater on Monday, Nov. 10, 2014, in Los Angeles.

Benedict Cumberbatch is "devastated" after realizing he caused offense during a chat about diversity on Tavis Smiley's late-night show.