8 years ago
Friday, May 9, 2014
Dr Dre set to be hip hop's first billionaire
Super producer and rapper Dr Dre is set to become Hip Hop's first billionaire as Apple Inc. is close to sealing a multi-billion dollar deal to purchase Beats Electronics, the company he founded with music producer Jimmy Lovine in 2008. The company produces the popular Beats By Dre headphones and also runs a music streaming service, which Apple is more interested in than the headphones itself. If this happens, it will be Apple's biggest acquisition till date. ($3.2billion).
The deal is confirmed by one of the founders of the company Dr. Dre and actor Tyrese Gibson, who announced the news on actor’s Instagram page along side Diddy his very good friend. By far, this is Apple’s largest acquisition recently and the company is hoping it will help its iTunes service regain ground.
According to a report by Nielsen SoundScan album and individual track sales were down 13% and 11%, respectively, so there’s certainly room for improvement.
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