Beats Electronics is getting some serious investment from smartphone manufacturer HTC, the Los Angeles Times and Reuters report.
HTC is buying a 51 percent stake in the company for $309 million, Reuters reported.
"The HTC and Beats by Dr. Dre partnership is an opportunity for two world-class companies to redefine the smartphone industry and define the future," Interscope-Geffen-A&M Chairman Jimmy Iovine said in an HTC press release. Interscope-Geffen-A&M is a Beats stakeholder.
"For Beats by Dr. Dre, this represents a critical step in our continued mission to clean up the destruction of audio caused by the digital revolution, and reengineer how sound is delivered so that the consumer feels the music the way that the artist intended," Iovine said.
Beats will remain autonomous from HTC.
Dr. Dre founded Beats with Iovine in 2008. The company makes its own headphones and other audio equipment, including speakers for HP laptops.