Dr Dre - Dre Sells Stake In Audio Company For $300 Million
Hip-hop superproducer DR. Dre has sold more than half of his audio company Beats Electronics for a massive $300 million (£187.5 million).
The rap icon established the firm in 2008 with Interscope Records executive Jimmy Iovine and have tasted success with their line of Beats By Dre headphones, in addition to collaborating with superstars Lady Gaga, Justin Bieber and Sean 'Diddy' Combs on their own audio ranges.
Dre also teamed up with computer giant HP and car manufacturer Chrysler to launch products featuring the high quality Beats Audio technology, and now he's sold a 51 per cent stake to Taiwanese telephone makers Htc for the huge sum.
Beats Electronics president Luke Williams says, "When Jimmy and Dre started this, they had a very specific vision of what Beats would be. It wasn't about headphones, it was about fixing the degradation of sound."
Dre and Iovine will continue to run the company.