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Beats repurchases 25% of its shares back from HTC

HTC has agreed to let Beats buy 25% of its total shares from the company

| Business, Financial & Legal News | Posted: Jul 23, 2012 2:28 am

It looks like some internal cat fights between HTC and Beats have caused the partnership to go a little sour, with a company note to investors, HTC have announced that they've agreed to let Beats buy back 25-percent of its total shares from HTC. HTC have said:

 

TweakTown image news/2/4/24950_02_beats_repurchases_25_of_its_shares_back_from_htc.jpg

 

HTC and Beats today announced a realignment of their business agreement that provides Beats with more flexibility for global expansion while maintaining HTC's major stake and commercial exclusivity in mobile.

 

Under the terms of the agreement, the founding members of Beats will buy back 25% of its total shares for a total of approximately 75% ownership, with HTC remaining the largest outside shareholder with approximately 25%.

 

Over the last year, HTC and Beats have made great progress in sound innovation, product integration and brand awareness with successes like the HTC One. HTC and Beats will continue to work closely, including a joint global marketing campaign later this year.

 

We should see how this fares for HTC in the coming months, they did just recently acquire streaming music service MOG.

NEWS SOURCES:Htc.com

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