Beats Ends HTC Partnership

Friday, September 27, 2013

Beats Ends HTC Partnership

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HTC said Friday it agreed to sell its remaining 24.84% stake in Beats Electronics LLC back to the U.S. headphone maker for US$265 million.

The announcement means the close partnership between the two companies comes to an end, with Beats buying back the final $265 million in shares.

The moves come as the Beats Electronics LLC is broadening its business from headphones to include speakers, audio systems in cars and consumer electronics and an online streaming music service.

In a statement, HTC says Beats will still be an important partner.