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
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