Just as you started to believe the “Beats by Dre” era was at a standstill, the company receives a huge investment from a private equity firm. The popular line of headphones and other electronic products owned by Dr. Dre and Jimmy Iovine received a $500 million investment from the The Carlyle Group. The Carlyle Group will now take two of the six seats on the Beats’ board.
The popular company is now valued at over $1 billion and is expected to bring in nearly $1.2 billion in revenue. Wondering what the billion-dollar company plans on doing next? Beats is planning on buying back 25 percent of their stake owned by smartphone company HTC.
This investment is a huge boost for the company that already claims 64 percent of the headphone market.
READ MORE HOT ENTERTAINMENT COVERAGE ON THEURBANDAILY.COM: