Dr. Dre & Jimmy Iovine Get $500M Beats By Dre Investor (@drdre)
Beats by Dre head honchos Dr. Dre and Jimmy Iovine got an investor that threw down a whopping $500 million for minority stake in the company. The new investment makes the company valued at more than $1 billion.
The investment was made by Carlyle Group, a DC-based private equity firm. They will now become shareholders in the business and hold two of the six seats on the Beats’ board.
Sandra Horbach of Carlyle spoke about the venture, saying that her firm is “confident that Beats will continue to drive innovation and growth in the premium audio accessory market.”
Source: sohh.com