Beats Electronics, the company behind the Beats by Dr. Dre headphones, is looking to broaden its product lineup and bring in a new investor, The Wall Street Journal reported, citing people familiar with the situation.

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While it's reportedly in talks with a new investor that could provide fresh financing in return for a minority stake, the paper didn't immediately identify the possible partner.

Beats, founded by Interscope Geffen chairman Jimmy Iovine and hip-hop producer Dr. Dre, is also looking at buying out Asian investor HTC, the Journal said. There has been talk in the past that the smartphone maker from Taiwan, which currently owns a 25 percent stake in the privately held firm, could be open to selling it.

Iovine and Dr. Dre control the vast majority of Beats, which is based in Santa Monica.

The parties involved declined to comment on any possible deals.

In addition to headphones, Beats has been looking to push into such product categories as speakers and audio systems for cars along with a long-expected streaming music service. The Journal said a new capital injection could help with such an expansion.