Dr. Dre could be days away from being the first rapper turned BILLIONAIRE … thanks to a mega-deal for Apple to snatch up his Beats Electronics brand.
Apple will reportedly buy Beats for a whopping $3.2 BILLION — and since Dre and Interscope honcho Jimmy lovine created the brand … it’s a safe bet they will walk away with a huge chunk of that cash.
Dre and Jimmy started the brand back in 2008 with headphones — but now they’re also making bank off speakers, car audio systems, and a streaming service.
The deal could close next week … and would be Apple’s biggest acquisition ever.
Dre came in #2 on Forbes’ most recent list of hip hop’s wealthiest artists — with a net worth of $550 million … while Diddy was #1 at $700 million.
- Beats was founded by music producer Jimmy Iovine and the 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
- Apple already has its own iTunes store which is the world’s largest music download service
- It also launched iTunes Radio last year
- Apple now has access to Beats streaming music service allowing it to compete with on Spotify
- Headphone line will be sold alongside Apple’s iconic white earbuds
- Could lead to a more comprehensive music subscription service from Apple