Dr Dre sells Beats for $3 billion
- Bang Showbiz
- 29 May 2014
Dr. Dre has secured a deal to sell his Beats Music business to Apple for $3 billion, making him the richest artist in hip-hop
Dr. Dre has secured a deal to sell his Beats Music business to Apple for $3 billion, making him the richest artist in hip-hop.
The co-founder, who launched the headphones and streaming service with friend Jimmy Lovine, will leave Interscope, which he founded, to work with Apple alongside his business partner.
According to NME.com, Dre said: "I've always known in my heart that Beats belonged with Apple.
"The idea when we started the company was inspired by Apple's unmatched ability to marry culture and technology.
"Apple's deep commitment to music fans, artists, songwriters and the music industry is something special."
Dre could be set to become hip-hop's first billionaire after Apple announced they will buy the business for $2.6 billion, as well as spending $400 million "that will vest over time".
Talking about the deal, which has been rumoured for weeks, Apple's CEO Tim Cook said: "Music is such an important part of all of our lives and holds a special place within our hearts at Apple.
"That's why we have kept investing in music and are bringing together these extraordinary teams so we can continue to create the most innovative music products and services in the world."
Beats earned Dre $200 million last year, making his total net worth about $550 million, but the new deal with boost his fortune and put him ahead of Puff Daddy, who was previously the richest artist in hip-hop with $700 million, according to Forbes magazine.