Warner Boss, James Packer Invest In Dr Dre’s Streaming Service

Russian tycoon and Warner Music Group owner Len Blavatnik has bought into a new music streaming company being developed by Dr Dre and Jimmy Iovine's company Beats.

According to a statement from Beats, Blavatnik's Access Industries has led a group of investors – which includes Australia's James Packer and Texan billionaire Lee M Bass – in a $60 million investment. The internet music streaming service will be called Daisy.

The service was announced in January when Nine Inch Nails' Trent Reznor was appointed Chief Creative Officer. According to Reuters, Daisy representatives met with Apple CEO Tim Cook for a potential party.

In the last 12 months Blavatnik has been investing heavily in music, first with the purchase of the Warner Music Group and then with assets for Warner. Last year Access Industries also invested in streaming service Deezer.

In a statement Blavatnik said, “Beats has the vision, the brand, the management team and now the investor group to effectively change the expectations and experience of a music subscription service.”