After being involved with hip-hop since the 1980’s, the rap phenomenon known as Dr. Dre and fellow mogul Jimmy Iovine sold their worldwide company known as Beats Electronics to Apple for an estimated $3 billion. Dr. Dre and Iovine started the company in 2006.
Craig Federighi, who is Apple senior vice president of software engineering, presented the famous producer as a company employee via telephone. This took place during the company’s Worldwide Developers Conference, reported by Billboard.
This recent business transaction makes Dr. Dre and Jimmy Iovine apart of the company Apple but as of right now they are in unnamed roles. Last week, Apple confirmed they will officially close the deal with Beats Electronics in the fourth quarter of their fiscal year, or by September 28th, according to Rollingstone.
Many hip-hop fans have been waiting patiently for Dr. Dre to release new music. His long awaited album titled Detox has been pushed back multiple times. However, with this new deal with Apple, Dre can financially do whatever he wants at this point. He does not need to release any new music.