Dr. Dre And Jimmy Iovine’s Beats Electronics To Apple Sale Is Confirmed
Although the whisper mill has been buzzing of a sale for quite awhile now, the Beats Electronics to Apple sale is now confirmed. Not only does the new venture embark a new chapter for the headphone giant but the deal also solidifies Dr. Dre as the richest rapper in the game.
Apple officially announced the purchase of Beats Electronics and Beats Music in a $3 billion sale today. Beats founders, Jimmy Iovine and Dr. Dre will both take on unspecified executive roles at Apple.
News of the acquisition first surfaced on May 8 unveiling that Apple would acquire the Forbes estimated $2 billion headphone company in a $3.2 billion deal. Tyrese then followed the announcement posting a video of Dr. Dre celebrating his new status announcing, “The first billionaire in hip-hop, right here from the motherfucking West Coast, believe it!”
Beats' primary stake holders, Dre and Iovine, are said to make hundreds of millions off the deal along with Universal Music Group, who will acquire an alleged $500 million from the deal. The $3 billion move marks Apple's largest sale to date.
Apple's estimated value is said to be around $483 billion.