What’s next for Iceni?

Iceni, the global music and radio giant that owns Beats and the likes of Beats Music and the OVO network, has filed for bankruptcy protection, a source familiar with the situation told Billboard.

The bankruptcy filing comes after Iceni agreed to pay $6.7 billion in cash and stock in September.

Iceni’s shares have dropped more than 35% this year, closing Friday at $13.10.

Icenic had $2.2 billion in net assets as of the end of September.