Mar 06, 2013, 12.52 PM | Source: Reuters
WARNER-BEATS-ELECTRONICS-INVESTORS:Warner Music owner, Bass, Packer finance Beats' music service
REUTERS - An investor group headed by Warner Music owner Len Blavatnik is providing $60 million in financing to Beats Electronics LLC, the company co-founded by music mogul Jimmy Iovine and legendary record producer Dr. Dre that has announced plans to launch a music subscription service later this year.
The investment includes money from Fort Worth, Texas, billionaire Lee M. Bass and Australian investor James Packer, Beats said in a statement.
The financing is a boost for Beats, which announced in January it would create a premium music-streaming service it dubbed "Daisy", and signed Nine Inch Nails frontman Trent Reznor as chief creative officer.