IB on Beats deal

MIDAS OF MUSIC BIZ: Beats Electronics creators Jimmy Iovine and Dr. Dre pocketed 30% apiece of the $309m paid by Taiwanese smartphone manufacturer HTC for a controlling interest in the wildly successful company, while UMG’s cut was 20%. But the $309m is just a first payment; the total for the company could eventually be close to $600m. This coup is the latest in a remarkable run of mega-paydays for Iovine stretching back two decades. He’s also drawing accolades for a superb branding effort. (8/25a)