It’s Official, Dr. Dre sells Beats Electronics to Apple for $3 billion

June 2, 2014
714 Views

dre

 

Andre Romelle Young, known by his stage name Dr. Dre is a  producer, rapper and entrepreneur. He is the founder and current CEO of Aftermath Entertainment and Beats Electronics along sideJames Jimmy Iovine is an American entrepreneur, record producer, and film producer. He is best known as the co-founder of Interscope Records and chairman of Interscope Geffen A&M.

In exchange for their company, which makes Beats by Dr. Dre headphones, the rap mogul and his business partner, Jimmy Iovine, are getting $2.6 billion in cash, $400 million in stock and big time jobs with Apple.

“We’ve known these guys forever,” said Apple honcho Tim Cook. “We’ve dated, we’ve gone steady and now we’re getting married.”

Dre,

Cook called it an “incredible cultural fit.”

“These two guys have a very rare set of skills,” he said. “It’s like finding a particular grain of sand on the beach. It’s that rare.”

The Apple chief didn’t specify what exactly the good doctor and the legendary music producer would be doing for Apple, but he said the Beats’ music streaming service was the main selling point.

This will allow Apple, the world’s biggest seller of tunes, to compete in the lucrative Internet-based streaming business currently dominated by YouTube, Pandora and Spotify.

Congratulation To Dr. Dre From NWA to Beats by Dre he has Accomplished the American Dream, can’t wait to see whats next..

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