Beats Wins $60 Million Investment to Build “Daisy” Spin-Off Company

Munger, Tolles & Olson client Beats Electronics, maker of popular high-end headphones, secured a $60 million investment to develop project “Daisy.”

Daisy, a spin-off company, will be a “subscription music-streaming challenger to Spotify Ltd., Rhapsody International Inc. and Rdio Inc.,” Bloomberg reported.

Apollo Global Management’s Marc Rowan led the investment and was joined by Access Industries, casino magnate James Packer and affiliates of Lee M. Bass.

Munger Tolles attorneys Kevin S. Masuda and David B. Goldman worked on the matter.

Mr. Masuda’s practice encompasses various types of business transactions, including mergers and acquisitions, joint ventures, public and private securities offerings and other business financings.

Mr. Goldman's practice involves a wide variety of transactional and advisory work in the partnership and corporate tax area.
To read the full Bloomberg story on the investment, click here.

To read Beats’ original press release on “Daisy,” click here.