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
meh…3 billion aint really that much
It is if you’re into hip hop.
that was the biggest fuck stick reply I’ve read in a while
Dre = 1st Rap Billionaire! The West Coast did it before Jay! Yeee!
lol they worth hundreds of millions but they like those low ass chairs?
them chairs probably cost like 4k a piece from sweeden or some shit too LOL,
bum ass worrying about chairs in an office, how pathetic
Money team right there!
Forget that yall.
Meanwhile ATARI about to buy SMS audio.
SMS audio valued at $200k easy money.
fuck outta here, Carmerlo Anthony and Timbaland both investors in SMS.
you would think these billionaire niccas could afford some better chairs, shit looks mad uncomfortable for Dre and dude beside him.
it’s a corporate office, not a bar lounge
Aw damn, WHO MAD ?? Dr. Dre is officially the richest BLACK MAN IN AMERICA. AND HE MADE IT THROUGH HIP HOP. ALL PRAISES DUE.
lol he is not the richest black man
lol!!! he is not the richest black man lol!!!!
I wonder if this fat rich lazy fuck Dre will do something for the hood with all this money?????
I wonder if you’ll do anything for yourself you broke mofucca
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.
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 $$$$
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
That big mouth bitch still ended up costing them 200 million dollars…
Ummm… no.
No “reported” figure was was finalized number, nice try though.
The “lower” amount was based on different metrics of their services not what Dre or his friends said…
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.
congrats, DRE.
lol tyrones mouth cost dre and iovine about 200 millions
Cue the sideline hating from Suge and Daryl James in 3…2…1