Apple's CEO Tim Cook (second from left) and Dr Dre (third)
It's official. Dr Dre is set to become the first billionaire in Hip Hop.
After weeks of rumor, Apple finally announced today that it has acquired Dr Dre's Beats Electronics for $3 billion.
Apple Electronics announced today that it has acquired Dre's Beats Electronics for $3billion—Apple’s biggest and largest acquisition in its history.
According to Forbes, Apple paid $2.6billion cash upfront and approximately $400 million in stock that will vest over time.
The $3billion purchase price includes Beats Music, the sister company that runs a subscription streaming music service.
As part of the deal, Beats co-founders Dr. Dre and Jimmy Iovine will join Apple in undisclosed roles.
Apple's CEO Tim Cook said in a statement released today:-
Music is such an important part of all of our lives and holds a special place within our hearts at Apple. That’s why we have kept investing in music and why we’re bringing together these extraordinary teams so we can continue to create the most innovative music products and services in the world.