Beats trying to buy out HTC

THE BEATS GOES ON: Jimmy Iovine and Dr. Dre are looking for cash to buy out HTC’s 25% stake in Beats Electronics, The Wall Street Journal reports. A year ago, Iovine and Dre paid $150 million to gain control of Beats from the Taiwanese phone manufacturer, which had invested $300 million in the company. HTC remains the company’s biggest outside investor. Earlier this summer, Beats tried to raise $700 million buy out HTC’s stake and pay down debt but was unsuccessful, WSJ.com reported, adding that Iovine and Dre want to bring in a new partner as they prepare to unveil Beats Music. Len Blavatnik’s Access Industries has invested $60m in the service. A week ago, the New York Post reported that Iovine was looking to sign a shorter contract with UMG at the end of his current deal—worth an estimated $10 million to $15 million a year, according to reporter Claire Atkinson—at the end of 2014. (8/19a)