WMG Owner Blavatnik Leads New Investment In Iovine's Beats
March 6, 2013

Warner Music Group owner Len Blavatnik is heading up an investment group that is providing $60 million in financing to Beats Electronics LLC, the company founded by Jimmy Iovine and Dr. Dre that plans to launch a major new streaming service later this year. In a statement, Beats revealed that the investment includes funds from Texas billionaire Lee M. Bass and Australian investor James Packer, as well as Blavatnik.

"Beats has the vision, the brand, the management team and now the investor group to effectively change the expectations and experience of a music subscription service," Blavatnik said in a statement.

Meanwhile, sources tell Reuters that Apple CEO Tim Cook recently met with Iovine to discuss the Beats digital service, which had been code-named "Daisy." Apple Internet products head Eddy Cue was also a part of the meeting, in which Cook was curious about the rollout of Beats' service, as well as its business model.

As previously reported, Nine Inch Nails main man Trent Reznor is Chief Creative Officer of the Beats streaming project.




 
Breaking News
Gregg Nadel Named President of Elektra Records
CBS Radio Rebrands KVIL And AMPs Up The Dallas-Fort Worth Market
KDND/Sacramento Is Looking For Next Night Superstar
January 17, 2017
Angi Taylor Joins The Rendezvous
Randy Savage Joins Cumulus As OM Wilkes Barre/Scranton, PA Cluster
Hubbard Radio Chicago Signs Eric & Kathy To Multi-Year Agreement
Jill Devine Signs Multi-Year Renewal At KYKY/St. Louis
January 13, 2017
Pandora Expects To Exceed Q4 2016 Guidance, Citing Subscription Momentum and RPM Growth
SiriusXM Launches "Hits 1 in Hollywood"
In Brief - January 13, 2017
January 12, 2017
Beasley Names Debbie Mazella Program Director Of Magic 98.3/New Jersey
The Dave & Mahoney Morning Show Returns To KXTE (X107.5)/Las Vegas
January 11, 2017
Cumulus Promotes Matt Raback To VP/Market Manager For York-Lancaster-Reading, PA
Crystal Castorena Named GM For Impact Radio Group
Justin Luvv Named Afternoon On-Air Personality/Imaging Director For WRWM/Indianapolis
January 10, 2017
Ron Parker Named New Afternoon Host At WLS-FM/Chicago
KLOS/Los Angeles Kicks Off 2017 With New Programming Additions
Mark Kassof & Co. Launches Mobile Music Test
January 9, 2017
Steve Butler Renews With CBS Radio As VP/News Programming
Beasley Media Group Promotes AJ Lurie To VP/Market Manager, Wilmington, Delaware
Cumulus Promotes Wallace To OM, Shickles To PD In Flint, MI
Beasley Names Brian Samborski Regional Director/National Sales
Trish Gazall Signs Multi-Year Renewal At KEZK/St. Louis
January 6, 2017
Music News
Maroon 5 Scores Their Ninth #1 Top 40 Hit
Quick Hits: Grammy Lineup, Audioslave, Third Eye Blind
Quick Hits: Lollapalooza Paris, Metallica, Brit Awards, U2, Radiohead, George Harrison, Dave Matthews & Tim Reynolds
Quick Hits: Ed Sheeran, Ariana Grande, John Legend, Fifty Shades Darker, Trent Reznor
U2, Chili Peppers, The Weeknd & Chance the Rapper Headlining Bonnaroo
Quick Hits: Ed Sheeran, Prince
Quick Hits: Rocklahoma, Prince's Estate, Big Sean, Shaky Knees Music Festival, Spoon
U2 Announce Joshua Tree Anniversary Tour
Quick Hits: Panorama Festival, Green Day, Billboard 200, A Perfect Circle
Ed Sheeran Releases Two New Singles
Tool, Chance the Rapper & Phoenix Headlining Governors Ball
Beyoncé, Radiohead & Kendrick Lamar Headlining Coachella 2017
Quick Hits: BottleRock Napa Valley Festival, The Chainsmokers, Ed Sheeran
Pop Star George Michael Dead at 53
The Music World Mourns George Michael
FMQB NOW

 

Question Of
The Week

Advertisement:
Search FMQB.com
Advertisements:
FMQB Member Login
Email:
Pass:

Save
Not a member yet?
Sign up Now!
Sign Up for Breaking News!
Enter FMQB E-Tracking!