The rich just keeps on getting richer.
According to Financial Times, Apple is reportedly in the processing of wrapping up a deal to acquire Beats Music for $3.2 billion. You did not see wrong, that’s $3.2 billion. If the deal is completed at that price, it would be the largest ever for Apple. The agreement has not been finalized and could easily be announced next week as completed or ruined.
It appears Apple is looking to seriously enter the music subscription business and expand it’s empire after already making billions of dollars in revenues from sales of music in its iTunes store. The deal reportedly includes both Beats’ music subscription service and its hardware business.
Forbes recently estimated the value of Beats at about $2 billion,
If this deal does happen, Jimmy Iovine and Dr Dre—who’s already worth over $500 million—are going to be crazy paid.