Dr Dre is set to become the first billionaire in Hip Hop. Apple Electronics announced today that it has acquired Dr Dre’s Beats Electronics for $3billion. According to Forbes,� Apple paid $2.6billion cash upfront and gave $400million 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.
“Music is such an important part of all of our lives and holds a special place within our hearts at Apple,” CEO Tim Cook said in a statement released today. �That’s why we have kept investing in music and are bringing together these extraordinary teams so we can continue to create the most innovative music products and services in the world.”
This acquisition is�Apple’s biggest and largest acquisition since the inception of the company. Apple made $171 billion revenue last year, while Beats made $2 billion.
NaijaVibe Trending DownLoads this Week
DJ Baddo – All Of Me Remix ft John Legend [AuDio]
Naira Marley – Koleyewon
DJ Spinall – Motivation Mix
Asake – Mr Money (Remix) ft Zlatan & Peruzzi
Nandy – Leo Leo ft Koffi Olomide
Philkeyz, Yemi Alade & Bisa Kdei – Complicated [AuDio]
DJ HM – Best Of Omah Lay ft Bella Shmurda [MixTape]
Fireboy DML – Vibration [AuDio]
Patoranking – I’m In Love [AuDio]
Kizz Daniel – Flex [ViDeo]
DJ Enimoney – G.O.A.T (Best Of Olamide) [Mixtape]
Deejay J Masta – Amapiano Mix (Lagos To Jozi)