A Warner Music owner Leonard Blavatnik-led investor group is providing a $60 million-worth financing investment to Beats Electronics LLC, which revealed plans for the launch of a music subscription service later this year.
The financing includes money from Australian investor James Packer, billionaire Lee M. Bass and Forth Worth, Texas, Beats revealed in a statement.
The investment is aimed at boosting Beats, which announced in January that it will be creating a premium music-streaming service it named "Daisy" and hired frontman Trent Reznor of Nine Inch Nails as chief creative officer.
Blavatnik, who acquired Warner Music Group for $3.3 billion in 2011, is making the investment for Beats through his Access Industries industrial group.
Meanwhile, sources told Reuters in an exclusive statement that internet products chief Eddy Cue of Apple Inc. joined a meeting with CEO Tim Cook to discuss the music-streaming service but did not disclose further details.
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