Apple Close to Deal to Buy Dr. Dre’s Beats Electronics Brand
Posted by Jeffrey Harris on 05.08.2014
Deal could be as high as $3.2 billion…
Variety reports that Dr. Dre deal to sell his Beats Electronics brand to Apple will earn over $3 billion.
Apple is reportedly purchasing Beats Electronics for $3.2 billion. The brand was created by Dre and Interscope co-founder Jimmy Iovine in 2008. The line first started with headphones before expanding to speakers, car audio systems, and a streaming service. The deal could close by next week, and it would be Apple's biggest acquisition ever.
Dre recently made No. 2 on Forbes' most recent list of the wealthiest artists in hip-hop. His net worth was reported as $550 million. Sean "Diddy" Combs was listed as No. 1 at $700 million.