Dr. Dre & Jimmy Iovine’s Beats Electronics Receives $500 Million Investment
Dr. Dre and Jimmy Iovine's uber-popular line of headphones and electronic devices just got another boost with a $500 million investment from The Carlyle Group, reports The New York Times. Beats announced the half a billion dollar boost in capital from the top private equity firm on Friday (September 27). With the influx of bread, the company is now valued at over $1 billion. CG will take up two of the six seats on Beats' board. The electronics maker will also buy back the 25 percent stake owned by smartphone company HTC. “These transactions represent the evolution of the financial strength and significant growth prospects of Beats,” said Iovine.
This is a huge boost for a company that already boasts 64 percent of the market for headphones costing more than $100. Beats is on slate to take in $1.2 billion dollars in revenue in 2013.