Apple to buy Beats Electronics for $3.2 billion

By Michelle Kapusta,

Apple has been in talks with rapper Dr. Dre to buy the audio equipment and music streaming service he co-created.

According to Bloomberg News, Apple Inc. is reportedly close to a deal with the rap mogul to buy Beats Electronics. However, a YouTube video shows Dre already proclaiming “the first billionaire in hip-hop, right here.”

If the $3.2 billion deal is or does get done, it will be Apple’s largest ever and will propel Dre to the top of Forbes list as the richest rapper. A title currently held by Diddy.

For Apple, the acquisition would undoubtedly boost sales. The headphones retail for more than $100 and are a very popular item and fashion statement for teens, as well as celebrities. And, the Beats Music streaming service started by Dre and music executive Jimmy Iovine a little over a year ago, have challenged services like Spotify Ltd. in subscription streaming.

For $10 a month Beats Music subscribers have access to all the songs offered in its catalog.

Apple has not yet confirmed the news, which Financial Times first reported on Thursday.



Join Our Newsletter

Popular Threads