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HTC sells half its Beats Audio stake

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Looks like the company which invested 300 million into Beats Audio almost a year ago, HTC, announced its intentions to sell nearly 25 percent of that stake back to the company’s founders, Jimmy Iovine and Dr. Dre, for $150 million. HTC took a risk in buying half of Beats Audio to make it a potential game changer when it came to its smartphones. Of course, with this news, that venture has failed to a degree.

In an announcement HTC says that the share sale “provides Beats with more flexibility for global expansion while maintaining HTC’s major stake and commercial exclusivity in mobile.”

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