“Beats Electronics, which is close to being sold to Apple Inc for $3.2 billion, has been sued by the founder of a music service Beats bought two years ago claiming he has been cheated out of his share of the company,” Andrew Longstreth reports for Reuters.
“David Hyman, the founder of the music subscription service MOG Inc, filed a lawsuit on Wednesday in Los Angeles superior court claiming he was purposely terminated so that Beats could avoid granting him his equity stake in the company,” Longstreth reports. “The lawsuit, which makes claims for breach of contract, is seeking $20 million in damages.”
Read more in the full article here.
[Thanks to MacDailyNews Reader “Mr. P-body” for the heads up.]
Related articles:
Apple might buy Beats Electronics with foreign cash, effectively paying much less than $3.2 billion – May 23, 2014
70% chance Apple’s Beats deal is happening and, if so, it’s a Dr. Dre, Jimmy Iovine acquihire, says source – May 22, 2014
As MacDailyNews already posited, Walter Isaacson thinks maybe Jimmy Iovine will run Apple’s content business – May 20, 2014
Apple strikes a new chord in the future of music with Beats acquisition – May 18, 2014
How Tim Cook buying Beats is like Steve Jobs buying SoundJam – May 18, 2014
Apple’s $3.2 billion Beats acquisition may not be finalized until next week – May 15, 2014
Monster CEO sounds a little bitter over Apple’s planned $3.2 billion Beats acquisition – May 14, 2014
Ben Thompson on possible Beats buy: Is Apple losing what makes Apple, Apple? – May 13, 2014
Nolan Bushnell: Beats is a ‘good deal for Apple,’ but it says Apple is ‘not an innovative tech company’ – May 13, 2014
Curated music influencing Apple’s jump into streaming – May 13, 2014
Beats Music is actually so good that I’m worried about Apple ruining it – May 13, 2014
Apple could become most powerful record label in the world with Dr Dre, Jimmy Iovine onboard – May 13, 2014
Bob Lefsetz on Apple-Beats deal: Tim Cook is an operations guy, he’s clueless, and the company has no vision</a – May 13, 2014
Apple CEO Tim Cook makes break from managerial style of Steve Jobs – May 12, 2014
Analyst Sacconaghi on Apple buying Beats: ‘We struggle with the rationale for this deal’ – May 12, 2014
Cody Willard: Apple’s Beats buy is just stupid
– May 12, 2014
Apple may unveil Jimmy Iovine, Dr. Dre executive appointments at WWDC – May 12, 2014
Apple CEO Tim Cook’s pursuit of Beats seen presaging more takeovers – May 12, 2014
Former eMusic CEO explains why Apple wants to buy Beats – May 12, 2014
Apple’s deep ties with Jimmy Iovine key driver of Beats deal – May 12, 2014
Removal of Dr. Dre video about Apple-Beats deal likely means acquisition is real and imminent – May 10, 2014
Game changer: Apple buying Beats could radically transform the digital music business – May 9, 2014
If Beats deal happens, Apple is acquiring a fad, not quality, and that is troubling – May 9, 2014
If Apple’s really buying Beats, here’s hoping it’s brilliant in a way which isn’t immediately obvious – May 9, 2014
The reason for Apple’s $3.2 billion interest in Beats? Spotify – May 9, 2014
Apple buying Beats Electronics: Its best idea since the iPad? – May 9, 2014
Why would Apple want to blow $3.2 billion on Beats Electronics? – May 8, 2014
Apple in talks to buy Beats Electronics for $3.2 billion – May 8, 2014
Sounds potentially legit, and easy to payoff with this current deal. But I bet he would settle for half. 😉
Who is making these decisions at Beats? Monster also got screwed over. Apple needs to rid the assholes out of the company. We don’t need a Zuckerberg at Apple.
According to some other articles, the a-holes in question are the primary reason that Apple wants to acquire Beats.
I have defended Tim Cook and company over the past few years. But I am worried about Apple’s alleged plan to acquire Beats. If this acquisition goes through and does not turn out well, then I will begin to question Apple management.
Don’t need Beats either!
Trolls are plentiful in these woods.
I cannot imagine why Apple thinks it needs to buy Beats.
I say if you don’t like the contract don’t sign it. A lesson to all who have been screwed by Beats. Probably why the deal is taking so long for Apple to finalize as they are making sure not to get screwed.
Yup. Monster wasn’t “screwed” by Beats; Monster signed a 5 year contract and the 5 years ran out. Beats chose to go in another direction. It’s great to have a short out of a contract in case things don’t work out like you planned, but then don’t complain when the other side opts out (or the contract simply ends) and they move on without you under the same clause that was fairly negotiated.
As for this guy, let’s wait and see why he was terminated. Maybe he just sat in his office posting to Facebook all day long.
It’s going to be ‘Dre Day’ at Apple soon.