Jimmy Lovine - Dr Dre sells Beats for $3 billion

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.


Contactmusic

Tags: Sean Combs - Dr Dre

Advertisement

Editors Recommendations

The Walking Dead: Finally, Somebody Bites Into a Charred Leg

Sunday's episode of The Walking Dead featured one of the most gruesome...

The Walking Dead: Finally, Somebody Bites Into a Charred Leg

Jason Momoa's 'Game Of Thrones' Audition Tape Goes Viral [Video]

At this point, almost everyone has wondered what it takes to get in to Emmy...

Jason Momoa's 'Game Of Thrones' Audition Tape Goes Viral [Video]

Fall Out Boy - Centuries Video

'Centuries' is the lead single from Fall Out Boy's upcoming, and as of yet untitled, sixth studio album. The single was...

Fall Out Boy - Centuries (Official Video) Video

George Lucas Rips Into Hollywood Studios, "They Didn't Know Anything"

George Lucas says he still believes studios are the biggest problem in the...

George Lucas Rips Into Hollywood Studios,

Gwen Stefani Drops New Track ‘Baby Don’t Lie’: Listen Here!

As much as we’ve been enjoying seeing Gwen Stefani as a judge on...

Gwen Stefani Drops New Track ‘Baby Don’t Lie’: Listen Here!

Brad Pitt: 'War is Hell'

With the recent news that 'Fury' has topped the box-office over the course of it's opening weekend, Brad Pitt - the film's star...

Brad Pitt: 'War is Hell'

Top Five - Trailer

Andre Allen has been voted the Funniest Man in America in his illustrious career as a stand-up comedian. But somehow...

Top Five Trailer

Royal Baby Due In April 2015! Palace Confirm Due Date For William and Kate’s Second Child

William and Kate, the Duke and Duchess of Cambridge, are expecting their...

Royal Baby Due In April 2015! Palace Confirm Due Date For William and Kate’s Second Child

By The Gun - Trailer

Nick Tortano has always felt under pressure to do well in his life, no matter what that takes. He's constantly been the...

By The Gun Trailer
Advertisement

Comments

Newsletter

Subscribe to this news alert service to receive news and reviews on

Unsubscribe | Unsubscribe All