Reuters: Technology News: HTC sells back part of stake in audio firm Beats

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HTC sells back part of stake in audio firm Beats Jul 23rd 2012, 00:47 Tweet Share this Email Print Related News Samsung buys chipmaker CSR's handset technology Tue, Jul 17 2012 Samsung's Galaxy powers record $5.9 billion profit; euro a worry Fri, Jul 6 2012 HTC profit lags forecasts, faces challenges in third quarter Fri, Jul 6 2012 UPDATE 2-HTC profit lags forecasts, faces challenges in Q3 Fri, Jul 6 2012 Related Topics Tech » Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Inflows Outflows » A man poses with a replica of the HTC smartphone inside a mobile phone shop in Taipei April 6, 2012. Credit: Reuters/Shengfa Lin TAIPEI | Sun Jul 22, 2012 8:47pm EDT TAIPEI (Reuters) - Taiwanese smartphone maker HTC Corp has sold 25 percent of its holding in audio technology firm Beats Electronics back to Beats' founders, but said it will continue to work closely with the maker of high-end headphones and speakers. HTC bought 51 percent of Beats Electronics, which was founded by U.S. rapper and music producer Dr. Dre and Beats' current CEO Jimmy Iovine, for $309 million in August last year, a move to fend off rising competition and enhance its products and branding. In a weekend statement to the Taiwan stock exchange, HTC said it will remain Beats' largest shareholder with 25 percent, with Beats' founders holding 75 percent. It did not disclose the pricing of the deal. The share sale "provides Beats with more flexibility for global expansion while maintaining HTC's major stake and commercial exclusivity in mobile," the statement said. HTC's profit more than halved in the second quarter, with the company struggling to regain market share lost to Samsung and Apple Inc. (Reporting by Jonathan Standing; Editing by Muralikumar Anantharaman) Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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