Apple Officially Buys Beats
Super-producer Dr. Dre is a whole hell of a lot richer with the sale of his headphone empire Beats! Apple officially purchased Beats for $3 billion, including $2.6 billion cash up front and approximately $400 million in stock. If that isn’t impressive enough, Dre and his Beats co-founder Jimmy Iovine will join Apple’s roster of visionaries. The company that brought us the iPhone, iPad and Macbook also acquired Beat’s sister company, a subscription streaming music service.
“The addition of Beats will make our music lineup even better, from free streaming with iTunes Radio to a world-class subscription service in Beats, and of course buying music from the iTunes Store as customers have loved to do for years,” Apple Senior Vice President Eddy Cue said.
When the merger was first announced, it was assumed that Dre would become a billionaire with the sale. However, Dre only owns a percentage of the company. The deal will boost Dre’s net worth from an estimated $550 million to approximately $700-$800 million. And yes, that puts him ahead of Diddy on Forbe’s List!
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