Dr.
Dre's Beats Music Said to
Raise Up to
0 Million
Beats
Music LLC, the subscription streaming service from rapper Dr. Dre and record producer
Jimmy Iovine, raised a second round of funding from existing investors,
Said three people with k**wledge of the deal.
Beats Music, based in Santa Monica, California, raised $60
Million to
0 Million in equity financing,
Said the people, who requested a**nymity because the round wasn't public. Len Blavatink, Marc Rowan,
James Packer and entities affiliated with Lee M. Bass first provided $60
Million a year ago.
The company is raising money as
Beats Music seeks to challenge market leader Spotify Ltd. for exclusive
Music rights and to build new features.
Beats Music began service in January with plans marketed through AT&T Inc. and TV commercials that included a Super Bowl spot with
Ellen DeGeneres.
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More about
Funding,
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