“Monster founder and CEO Neol Lee has spoken out on Apple’s proposed $3.2 billion takeover of former audio partner Beats, and he sounds a little bitter,” Luke Johnson reports for TrustedReviews. “Although attempting to put a brave face on the proposed acquisition, Lee, whose company Monster helped bring the Beats brand to market, has failed to mask his disappointment in no longer being affiliated with the popular headphone and speaker maker.”
“‘We are very excited for our friends at Beats to have achieved such an incredible valuation for the company Monster started,’ Lee said in a statement sent to TrustedReviews,” Johnson reports. “With the deal said to have heavily favoured the music makers, leaving Monster just distribution rights. When Dre and Iovine sold a 51 per cent share of the Beats brand to HTC for $300 million last year, Lee was pushed out. ‘For the first 5 years, until 2013, Monster was Beats, having developed, engineered, and distributed all of the Beats products,’ Lee has said. ‘We wish we could have partnered with companies like Apple and enjoyed some of the fruits of our labour, but our license with Beats ended with the purchase of Beats by HTC.'”
Johnson reports, “He added: ‘Monster, by contract, had to turn over all of the IP and manufacturing in 2013. However, the reported Apple acquisition reflects on the potential valuation of Monster – as we have developed many new and advanced products that are appearing on the market now.'”
Read more in the full article here.
[Thanks to MacDailyNews Reader “Dan K.” for the heads up.]
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Let me get this straight… the founder and CEO of Monster is butthurt because something his company no longer is involved with is overpriced and over-hyped?
I take back everything I’ve said about the Beats acquisition. That’s the best $3.2 Billion ever spent!
MONSTER = Over-priced cables and accessories (like BEATS headphones). I’ll stick to Monoprice.com, where I can get quality cables and accessories at a fraction of Monster’s price.
I hate Monster in the digital age. I used to believe them when they only made copper cables.
Then you were gullible for copper cables too.
I was a kid. What am I supposed to believe? Anyway it didn’t last.
You sound like a PC guy talking about Mac.
There’s still no proof this is even happening. I remain skeptical that Apple has any intention of buying Beats, its crappy products, or its self-aggrandizing owners.
If HTC owns 51% of Beats, what is Apple buying?
I understand Apple have also bought London Bridge and a Nigerian Bank.
I’m still waiting on the $35million from that Nigerian bank that I won from the Irish Sweepstakes. Paying $2,000 in handling fees in advance will speed it up.
HTC sold their Beats shares in 2012 and 2013.
“D’oh!”
– HTC CEO Peter Chou
Apple is throwing a bone to HTC. They were the first company to “SETTLE” for patent infringement. Plus Apple get’s to give HTC foreign funds, which are building up.
I think there’s a lot of good will in this deal that benefits both Apple and HTC, even though Beats stinks.
Nothing whatsoever to do with HTC.
But …
From HTC’s Financial Information web page.
Announcement for purchase of 51% equity interest in Beats Electronics, LLC by executing capital injection into HTC America Holding Inc.
1.Name and nature of the subject matter (if preferred shares, the terms and conditions of issuance shall also be indicated, e.g.dividend yield):Beats Electronics, LLC
2.Date of occurrence of the event:2011/08/11
3.Volume, unit price, and total monetary amount of the transaction:
Volume: 52,059 units
Total monetary amount of the transaction: The maximum purchase price is USD 309,000,000.
–
http://investors.htc.com/phoenix.zhtml?c=148697&p=irol-newsArticle&ID=1708843&highlight=
Right, but …
From HTC’s Financial Information web page.
HTC SELLS BACK REMAINING STAKE IN BEATS
1.Date of occurrence of the event:2013/09/27
2.Company name:HTC Corporation
3.Relationship to the Company (please enter “head office” or
“subsidiaries”):head office
4.Reciprocal shareholding ratios:N/A
5.Name of the reporting media:N/A
6.Content of the report:N/A
7.Cause of occurrence:
HTC Corporation (TWSE: 2498), a global leader in mobile innovation and
design, today announced the signing of a securities purchase agreement
to sell back to Beats LLC its remaining stake of 24.84% for $265M. In
conjunction with this transaction, HTC will also receive the repayment
of $150M promissory note plus accrued interests. The deal is expected
to close in the fourth quarter of 2013.
–
http://investors.htc.com/phoenix.zhtml?c=148697&p=irol-newsArticle&ID=1859324&highlight=
I did not know that! If Monster was involved with the design and production of Beats Headphones, that explains everything. Overpriced, nothing technical that justifies the price and a lot of blinginess.
I don’t buy Monster Cables and I’m surprised Apple would stand so close to Beats audio hardware. Time for Apple Engineering and Sir Jony to put them out of their mundaneness.
There are great cables, there are good cables and there are bad cables. It’s as simple as that. But you don’t have to pay Monster prices to buy the best. You just have to know what you’re doing and know how to shop. Cavete emptor.
The best AV cables you can buy for 1/5 the price of Monster.
monoprice dot com
Several relatives work in the TV industry, and they all buy from monoprice for the studios.
A word of warning: You have to be a little careful with Monoprice.
First, let me say Monoprice products are generally very good. Further, the value is typically off the charts—especially compared to some retail brands like Monster or Belkin. That said, not everything is excellent across the board, and because they source their products from so many different vendors, quality control can be less than stellar. This is especially true when you get into HDMI, which can be problematic, depending on certain devices, certain combinations of devices, and even certain cable lengths.
I don’t mean be dramatic. After all, I’m in the consumer electronics industry, and most of the cables in several of my systems are from Monoprice, so I’m generally a fan. However, there are other very good cables though, and they’re not all expensive. For instance, take a look at Perfect Path. They’re not Monoprice-cheap, but they’re still very affordable, and unlike Monster or Belkin cables, they’re actually high-quality, with some innovative features like a locking mechanism, and they’re tested and approved by a third-party testing lab.
For reference:
http://www.dpllabs.com/page/dpl-approved-products
Cheers!
I use ProCo cables – always reliable.
As for Mr. Lee, he made quite a fortune selling snake oil – in fact it could be said he invented the whole voodoo-cable industry. He should just enjoy what he has.
If he’s bitter that Monster is no longer part of Beats, then he only has himself to blame. He signed the contracts Monster negotiated with Beats, including the 5 year provisions. He wanted to have an “out”, and he got it. Sometimes having some protection in your contracts also means not having long-term security.
Ha, ha, ha, couldn’t happen to a better bunch of charlatans.
MOG is rumored to have been bought for 14 million dollars by Beats, if the deal with Apple is true their butts are hurting too. There are real design people at Beats evidently.
http://www.fastcodesign.com/3018681/design-50/dynamic-duos-jimmy-iovine-and-robert-brunner-on-beats-and-listening
Oh man…this monoprice thing is going to be expensive!