Dr Dre is set to become the first Hip-Hop billionaire after Apple agreed to buy his Beats Electronic Brand for $3.2 billion.
Dr Dre (Andre Young) and Interscope founder Jimmy Iovine, started Beats Electronic in 2008. The company produces audio equipment including Beats headphones, the 10-speaker Beats audio system standard in the Chrysler 300s and the Beats Music streaming service.
The deal will make Dre the richest man in Hip-Hop eclipsing the current title holder Diddy, who according to Forbes is worth $700 million.
Apple’s purchase of Beats is a record for the company as well. Their previous biggest acquisition was NeXT in 1997 for $404 million.
Beats Electronic launched the Beats streaming service in January. Apple plans to merge the platform with their new iTunes Radio which was launched in 2013 but has failed to detract from Pandora.
Listen to Dr Dre radio at iHeartRadio
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