Big news today, Apple is Acquiring Beats Electronics, Making Dr. Dre the First Billionaire in Hip Hop.
Apple is orchestrating a $3.2 billion acquisition of Beats Electronics, who are a headphone company and streaming music distributor founded by Dr. Dre and Jimmy Lovine. The Financial Times states that Apple could announce the deal next week, if the two sides can come into a final agreement.
The acquisition would add the electronic company’s extremely popular line of headphones and streaming music service into an Apple line-up. If this deal is completed it would be the largest purchase by Apple in it’s 38 year history, so that’s some big news.
Once the deal is said and done, Dr. Dre will become the first billionaire in Hip Hop surpassing P Diddy who currently has a net worth of 700 million dollars.
Is it a worthy investment? We will have to wait and see.