Headphones company Beats Electronics has raised USD 60 million from Len Blavatnik, James Packer and other investors to spin off a music subscription business which is using the working name "Daisy", reports the Financial Times. Beats recently purchased digital music service MOG and hired Topspin Media founder Ian Rogers as CEO. Its chief creative officer is Nine Inch Nails frontman Trent Reznor. Beats intends to launch its music subscription later this year, Blavatnik said.
Beats has also held talks with Apple executives about a possible partnership with Daisy, Reuters reported. Apple CEO Tim Cook and the company's head of internet products, Eddy Cue, met Iovine in late February to find out more about Project Daisy, three people familiar with the matter told Reuters. Cook expressed interest in Daisy's rollout plans and business model, but did not discuss specifics of a deal.
Although Beats would not comment on the meeting with Apple, a spokesman told the Financial Times that Beats co-founder Jimmy Iovine has had a long relationship with the group.
