Apple Confirms Acquisition Of Dr. Dre, Jimmy Iovine’s Beats Music & Beats Electronics For $3 Billion

    Weeks after it was revealed that Apple was reportedly purchasing Jimmy Iovine and Dr. Dre’s Beats Electronics, those reports have been confirmed in a press release, which was posted on the Beats Music blog today (May 28).

    “I’ve always known in my heart that Beats belonged with Apple,” Jimmy Iovine said in a statement. “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.”

    Earlier this month, it was reported that Apple would be purchasing Beats Electronics and Beats Music for $3.2 billion, but that price has been trimmed down to $3 billion.

    According to the New York Post, the $200 million decrease in price stems from the low number of Beats Music subscribers. The Post reports that the subscription based streaming music service has only 111,000 subscribers, a number that is far from the 10 million paying customers Spotify has.

    “Apple hadn’t even begun its due diligence process when news of the number came out,” a source said to the New York Post.

    Despite Beats Electronics and Beats Music selling for $200 million less, Dr. Dre, who helped found Beats Electronics in 2006, still stands to make hundreds of millions from the deal.

    Below is a tweet from Apple CEO Tim Cook about the deal.

    RELATED: Dr. Dre’s “Billionaire” Comments Could Complicate Apple’s Purchase of Beats Electronics

    27 thoughts on “Apple Confirms Acquisition Of Dr. Dre, Jimmy Iovine’s Beats Music & Beats Electronics For $3 Billion

    1. Forget that yall.

      Meanwhile ATARI about to buy SMS audio.

      SMS audio valued at $200k easy money.

    2. you would think these billionaire niccas could afford some better chairs, shit looks mad uncomfortable for Dre and dude beside him.

    3. Aw damn, WHO MAD ?? Dr. Dre is officially the richest BLACK MAN IN AMERICA. AND HE MADE IT THROUGH HIP HOP. ALL PRAISES DUE.

    4. I wonder if this fat rich lazy fuck Dre will do something for the hood with all this money?????

    5. From being forced out of his own company 20 years ago and having to leave with nothing, to billionaire. Like him or not, there probably hasn’t been anyone more influential in hip hop.

      1. HOV is still more influential Diddy too.But Dre is a legend for years upon years and is now the King when it comes to $$$$

    6. What happened to all you dummies who said 2-3 weeks ago this deal wouldn’t happened because of the Tyrese video?

      Dumbass retards with no brains about business, finance, economics or history

      1. The “lower” amount was based on different metrics of their services not what Dre or his friends said…

      2. their mout ain’t what cost them..

        they mentioned Apple hadn’t done it’s due diligence in knowing the # of subscribers at the time..

        which does RELATE to why they don’t want people like Dre & Tyrese spouting off at the mouth before they know all the details of the deal, but it’s not what cost them the $200M.

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