Earlier today, reports surfaced that Apple was closing in to purchase Beats Electronics for $3.2 billion. The deal, which will make Dr. Dre the first Hip-Hop billionaire has now been confirmed via series of videos through Tyrese’s Instagram, who was in the studio with him. The price of the deal, however, has not been confirmed yet.
Beats is best known for their headphones which was founded by Dr. Dre and Interscope head Jimmy Iovine in 2008 and their newly launched music streaming service which received mixed reviews. Recently, Forbes estimated the value of Beats at about $2 billion, but Apple is said to be paying a much higher price for the reported acquisition. Interestingly, BuzzFeed reports that the deal is also aimed at bringing Jimmy Iovine from Universal Music Group to join Apple in a “creative role”.
We’d have to wait for the official word but one thing is for sure — Dr. Dre will become Hip-Hop’s first billionaire so congrats to him. Watch the video below.