Apple Reportedly Buying Dr. Dre’s Beats Electronics for $3.2 Billion
Apple is eying up a big money takeover of Beats Electronics, the company behind the wildly popular Beats By Dre headphones. Financial Times reports that Apple is in talks to buy the company, founded by Dr. Dre and Jimmy Iovine, for a staggering $3.2 billion. It would be the biggest acquisition in Apple’s history.
In addition to the Beats By Dre headphones and Beats Pill speakers, the deal will also include the Beats Music streaming service, which launched back in January and has yet to pick up full speed. However, it’ll still give Apple a larger share in the streaming market after the disappointment of their own service, iTunes Radio, which was introduced last September.
According to BuzzFeed, Apple will also be “acqui-hiring” Jimmy Iovine as part of the bid. The veteran music executive will reportedly leave his position of chairman at Universal Music Group — his home for the past two decades — and join Apple in an undefined “creative role.” The brand is bringing Iovine on board to “revamp and run its whole music strategy.”
While the deal is expected to be officially announced sometime next week, Dr. Dre appeared in a number of Instagram videos uploaded by Tyrese earlier this morning, in which he essentially confirms the deal. “The first billionaire in hip-hop, right here from the motherf—ing West Coast,” he bragged.
That’s right, the deal will make the Doctor hip-hop’s very first billionaire. After long being lead by Diddy, who topped last month’s “Forbes Five: Hip-Hop’s Wealthiest Artists 2014” with a whopping $700 million fortune, it looks like rap’s race to 10 digits is about to be won.
Watch Dr. Dre Speak on Being the First Billionaire in Hip-Hop