Smartphone maker HTC is set to acquire a majority stake (51%) in Beats Electronics, LLC for $300 million. As part of the deal, HTC plans on improving the sound quality and incorporating Beats technology to their mobile devices. In addition, Beats will continue its relationships with Chrysler Group and Monster Cable Products.
“The marriage of these two companies is very, very good. We are very good for each other,” says Jimmy Iovine, the chairman of Interscope Geffen A&M Records and co-founder of Beats By Dr. Dre with rapper/producer Dr. Dre. “With HTC’s innovation, technology and leadership, we feel we can really compete with anybody in this area.”