Dr. Dre has proven himself to be one of hip-hop’s biggest moneymakers, landing at No. 6 on Forbes‘ Hip-Hop Cash Kings list, earlier this week. And now the good doctor is making a bid for next year’s top spot after inking a lucrative $300 million deal between his Beats Electronics company and Taiwan-based smartphone maker HTC.
According to USA Today, HTC will partner with Beats, which produces the widely popular Beats by Dr. Dre headphones, to create high-performing HTC products that will incorporate Beats sound innovations. HTC will also be taking a 51 percent stake in the Beats company.
“The marriage of these two companies is very, very good. We are very good for each other,” says Jimmy Iovine, the chairman of Interscope Geffen A&M Records and co-founder of Beats by Dr. Dre. “With HTC’s innovation, technology and leadership, we feel we can really compete with anybody in this area.
“In order for music to regain its foothold as an industry, music has to go to the telephone,” he says. “We want to make the music experience on telephones as great as it can possibly be. And HTC was the perfect partner.”
HTC isn’t the only company that Beats has mixed money with. In the past, Beats has struck up lucrative deals with HP and Chrysler. Beats recently created a sound system for the 2012 Chrysler 300S.
Looks like Jay-Z is going to have to give up that Cash Kings crown next year. –nicholas robinson
