Yep! You read it right. History will be made and hip-hop is right in the middle of it. The purchase of Dr. Dre and Jimmy Iovine’s Beats Electronics by Apple was confirmed today. According to CNBC the deal is expected to close in the fiscal fourth quarter and Apple will pay $2.6 billion in cash and another $400 million in equity. It will also continue to use the Beats brand. Other details of the deal include Jimmy Iovine stepping down as chairman and CEO of Interscope Geffen A&M to take an executive role on Apple, alongside Dr. Dre. Well its safe to say hip-hop just changed the world again today and Detox will never see the light of day. Kudos to Dr. Dre and Jimmy Iovine though!
2 responses to “It’s Official!!!: Apple Buys Beats For $3 Billion”
[…] as he sits with the Breakfast Club to talk throwing out the first pitch at the Mets game, the Beats by Dr. Dre/Apple deal, his take on Floyd vs. T.I. and of course he had something to say about JAY Z & Solange. Stream […]
[…] Marsha Ambrosius comes out of no where with a surprise release of a Dr. Dre assisted single off of her sophomore album Friends & Lovers. Look for the album to impact July 15th. UPDATE: Marsha also gives us some insight on Dr. Dre’s long awaited Detox album and hints that it possibly will carry a different title. Who knows at this point. What we can speak on is when it comes to Dr. Dre are facts. […]