Apple Finally Agrees Deal To Buy Dr Dre’s Beats Headphones Firm For $3bn

This image, including Apple CEO Tim Cook and rapper Dr Dre, centre, was released after the deal was announced
It’s official. Dr Dre is set to become the first billionaire in Hip Hop. Apple Electronics announced today that it has acquired Dr Dre’s Beats Electronics for $3billion. According to Forbes, Apple paid $2.6billion cash upfront and gave $400million in stock that will vest over time.

The $3billion purchase price includes Beats Music, the sister company that runs a subscription streaming music service. As part of the deal, Beats co-founders Dr. Dre and Jimmy Iovine will join Apple in undisclosed roles. “Music is such an important part of all of our lives and holds a special place within our hearts at Apple,” CEO Tim Cook said in a statement released today.
“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.” This acquisition is Apple’s biggest and largest acquisition since the inception of the company. Apple made $171 billion revenue last year, while Beats made $2 billion.
Congrats to the Beats-Apple team for this acquisition.
BBC

Comments

Post a Comment

Popular posts from this blog

Governor Akpabio Nominates new commissioners

Image
Last week   Governor Godswill Obot Akpabio of Akwa Ibom State   relieved some members of his cabinets(Some commissioners and board chairmen) of their duties. The Governor on Tuesday 29th April 2014 sent to the State House of assembly the names of people nominated to fill some vacant positions in his cabinet. According to our source, the governor stated that the nomination was in line with the provisions of   sec 192 of the Nigerian Constitution. The nominees are: 1.Mr. Ante Okpo 2.Engr. Ignatius Edet. The nominees are however awaiting screening  by the House which is scheduled to hold Tomorrow 30th April 2014. Congratulations in advance to the nominees.
Read more

Lol... Nigerians Writes An Open Letter To Psquare Using Their Tracks Title

Image
Dear Psquare, I want to ask * WHY E BE SAY * una wan split after all these years? Coz u guys seem to have forgotten that there is * NO ONE LIKE YOU * in the African music industry and u also forgot that God use * IFUNANYA * to make it to be a * POSSIBILITY * for u guys to be * UNLIMITED * today. I feel so bad over your latest * STORY * coz * I LOVE YOU * and i urge u to deal with your present situation * PERSONALLY * and do not let your * BEAUTIFUL ONYINYE’s * to make you split. Don’t forget that they are only there to * CHOP YOUR MONEY *. I know that * E NO EASY * but u guys should try not to get involved in any * BIZZY BODY * because it will only lead to more * DANGER * in your carrier, and your fans will no longer be able to dance * ALINGO * again. Take a look at how BRACKET is living their life * YORI YORI *. So u may call on LKT to come * FOLLOW FOLLOW * settle the problems u guys are having, coz e get as e dey * DO ME * anytime i hear that u guys want to * BREAK IT *. I also he...
Read more