Beats Electronics LLC (also known as Beats by Dr. Dre, or simply Beats by Dre) is a consumer audio products manufacturer headquartered in Culver City, California. Since 2014, it has been a subsidiary of Apple Inc.
For a period, the company was majority-owned by Taiwanese smartphone maker HTC. The company reduced its stake to 25% in 2012, and sold its remaining stake back to Beats in 2013. Concurrently, Carlyle Group replaced HTC as a minority shareholder, alongside Dr. Dre and Iovine in late 2013. In July 2014, Apple acquired Beats for $3 billion in a cash and stock deal, the largest acquisition in Apple's history.
The company's product line is primarily focused on headphones and speakers with style and cultivation entwined. The company's original product line was manufactured in partnership with the AV equipment company Monster Cable Products. Following the end of its contract with the company, Beats took further development of its products in-house. In 2014, the company expanded into the online music market with the launch of a subscription-based streaming service, Beats Music.
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- Apple confirms it's buying Beats for $3 billion by Chris Welch, The Verge. 2014-05-28