by Selam Aster

Uber producer Dr. Dre may top Forbes’ next list of Hip-Hop cash kings as HTC has just announced that it will pay $300 million for a 51 percent stake in his digital audio company, Beats Electronics LLC. The company ,which dedicates itself to “fixing the degradation of sound,” is a partnership between Dr. Dre, Jimmy Iovine and Interscope Records. According to Fortune, the deal could increase Dre’s worth by $240 million.

Beats Electronics was founded in 2006 but the public profile of the company has certainly been heightened in more recent years with the release of Beats by Dre, a line known for its high-end headphones which can sell for as much as $600 each. Some Hewlett-Packard computers come equipped the Beats Electronics technology.

For Taiwanese smartphone maker HTC, the move will help improve the sound quality on HTC’s phones for music, videogames and movies. HTC is best known for the EVO 4G and Thunderbolt android phones made for Sprint and Veriozon respectively. It is Asia’s second largest mobile phone maker and this high profile transaction will not only expand HTC’s offerings but will als help boost its cool factor. When you’re competing with Apple products, that’s a big plus.