Apple, Beats deal makes Dr. Dre first hip hop billionaire

| May 29, 2014

Gil Scott-Heron put it something like this: When the producer names the tune, the consumer must dance. Dr. Dre has gone from being a consumer to a producer of product but, better yet, the owner of the means of production, putting him in the position to become hip hop’s first billionaire. Will others follow suit or be content to rake in cash to expend on other people’s trinkets and drive rented cars in flashy videos?

Apple agrees to buy headphone maker Beats for $3bn

Beats headphones are sold along side iPods in an Apple store Beats headphones are already sold alongside Apple products

Apple has confirmed it will buy headphone maker and music-streaming service provider Beats Electronics.

The deal is worth a total of $3bn (£1.8bn), and is thought to be Apple’s largest acquisition to date.

As part of the acquisition, Beats co-founders Jimmy Iovine and Dr Dre will join the technology firm.

Apple boss Tim Cook said the deal would allow the firm to “continue to create the most innovative music products and services in the world”.

In a statement, Apple said it is paying an initial $2.6bn (£1.6bn) for Beats, and approximately $400m (£239m) “that will vest over time”.

Beats was founded in 2008 by music producer Jimmy Iovine and hip-hop star Dr Dre and until recently was best known for its headphones.

It started a subscription-based music streaming service earlier this year.

via BBC News – Apple agrees to buy headphone maker Beats for $3bn.

Category: Entertainment

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