HTC Corporation has announced a partnership and investment deal with Beats Electronics, the company behind the ‘Beats by Dr. Dre’ audio products. As a result, HTC will be releasing a number of devices that include Beats sound innovations in the autumn.
Beats Electronics will continue to operate as a separate company with Jimmy Iovine as Chairman.
Mr Iovine, who is also Chairman and CEO of Interscope Geffen A&M Records - which is a division of Universal Music Group and a stakeholder in Beats - said “The HTC and Beats by Dr. Dre partnership is an opportunity for two world-class companies to redefine the smart phone industry and define the future. For Beats by Dr. Dre, this represents a critical step in our continued mission to clean up the destruction of audio caused by the digital revolution; and reengineer how sound is delivered so that the consumer feels the music the way that the artist intended.”
Peter Chou, CEO of HTC Corporation, said “Beats has found a unique way to harness popular culture in a manner that is unlike any other brand today. It’s an exciting brand that has been built around providing something very special, and we believe our strategic partnership will provide customers with unbeatable sound on HTC phones. We obsess over every detail of a consumer’s mobile experience and audio is a critical part of that experience.”
HTC is planning to buy 51% of Beats Electronics for a maximum $309 million.