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Apple is acquiring parent company of Beats by Dre for $3.2 billion

By Marcina Zaccaria ,

In a groundbreaking move, Apple said that they are planning to buy Beats Electronics, the parent company of Beats by Dre, for a reported $3.2 billion.

According to CNNMoney, Dr. Dre might be the first billionaire in hip hop, but he isn’t the first recording artist to launch a headphones line. 50 Cent, Jay Z, and other rappers have also stepped up. Beats by Dre debuted in 2008 as an innovation in the headphone industry, changing the way people hear music while making a fashion statement. Dre. has teamed with Jimmy Iovine, who co-founded Interscope Records, to release the line of headphones. Iovine is the chairman of Interscope Geffen A&M.

Apple’s acquisition of Beats Electronics is the latest in a long line of success stories for the rapper and entrepreneur. Dr. Dre introduced rap icons Eminem and Snoop Dogg, and has been behind popular tracks like Tupac's classic "California Love" and Eve and Gwen Stefani's Grammy-winning "Let Me Blow Ya Mind," according to the Associated Press.

 
 

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