Apple May Be Looking To Acquire Dr. Dre’s Beats Electronics For $3.2 Billion [Update: Dr. Dre Confirms]
Dr. Dre recently surpassed Jay Z as the second richest rapper in the game, and it looks as though he could take the throne from Diddy if Apple successfully buys him out of Beats Electronics.
While the company is currently valued at $1 billion (after a recent $500 million investment from Carlyle), Apple is apparently offering $3.2 Billion for the Dre and Iovine’s brand, which includes both the successful headphone line, and the recently launched Beats Music service.
It may be too big of an offer to refuse, and would be the largest ever acquisition for Apple, who have never paid more than 1 billion for a company.
Rumor has it that the deal could go down as early as next week. More coverage to come as information arrives.
[UPDATE: Dr. Dre Confirms Deal, Celebrates]
Following yesterday’s report about Apple looking to buy Dr. Dre and Jimmy Iovine’s successful Beats Electronic company, we’ve basically received confirmation the deal is happening. Both Eminem and Dr. Dre posed for a photo at the Apple offices this morning (released via Twitter), plus Tyrese posted some Instagram videos (which were later removed, but are still alive thanks to YouTube) of Dr. Dre calling himself the first West Coast hip-hop billionaire.
“The first billionaire from hip-hop, right motherfucking here from the West Coast. Believe it,” Dre says, while Tyrese says that the Forbes list needs an update.
Check out the picture of Em and Dre above.