The company behind Beats headphones wants to march to a different drummer.
Beats Electronics, the consumer-electronics company founded by rap legend Dr. Dre and uber-producer Jimmy Iovine, is reportedly looking for fresh cash to expand and buy out its biggest outside investor.
A year ago, Iovine and Dr. Dre paid $150 million to gain control of the venture from troubled Taiwanese phone giant HTC, which had invested $300 million. HTC still holds a 25 percent stake.
Earlier this summer, Beats tried to raise $700 million buy out HTC’s stake and pay down debt but was unsuccessful, WSJ.com reported. The LA-based company wants to bring in a new partner as it prepares to take the wraps off a new streaming music venture, according to a report.
Beats Music, a subscription service, is expected to launch before the end of the year and will compete with the likes of Spotify. It has scored a $60 million investment from Len Blavatnik’s Access Industries, which also owns Warner Music.
Beats is best known for its high-end headphones that sell for upwards of $300; it’s also branching into car audio systems, speakers and other electronics.
Earlier this month, The Post reported that Iovine, the CEO of Universal’s Interscope Records, was looking to sign a shorter contract when his current deal expires as he focused on Beats and other outside ventures.