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Good deal! |
Stylish headphone maker Beats Electronics (also known as ‘Beats By Dre’) finalized a deal to sell to Apple for a reported $3.2 billion.
Apple is in the market for a subscription-based music service to complement its ‘iRadio’ ad-based offering, launched in 2013 as part of an attempt to jump into a music-streaming arena then split between a handful of startups such as Pandora Inc.
Dre – who guided the careers of a string of rap artists such as Eminem and 50 Cent – compared his company with Apple in 2011.
‘We’re trying to eventually be second to Apple. And I don’t think that’s a bad position,’ Dre told The Fader music website.
Beats Electronics received a $500 million investment from Carlyle Group in September that valued the company at over $1 billion. It also bought back in September a 24.84 percent stake held by Taiwan smartphone maker HTC Corp, which once held as much as 50.1 percent of the company.
Few hours after the deal,Dre shared a video of himself and Tyrese celebrating, were he says;‘First billionaire in hip-hop, right here on the mother-****** west coast,‘ See the photo after the cut…