Entertainment mogul, Dr Dre, is becoming the first billionaire in hip-hop. Yesterday, The Financial Times reported that Apple was close to buying Beats, the electronic and online streaming company founded by Dre and Interscope Records chairman Jimmy Iovine. The reported deal is worth $3.2 billion.
Now, in a video filmed by Tyrese, Dre has confirmed the information to be true. "The first billionaire in hip-hop, right here from the mother**kin' West Coast," Dre boasted as he celebrated with a group of friends. Tyrese pointed out that Forbes' recent list of the Five Wealthiest Rappers, on which Dre was ranked No. 2, would need to be updated.
Beats Electronics was established in 2008 and produces a variety of audio products including headphones and speakrs. Earlier this year, it launched its own online streaming service, Beats Music, along with Creative Chief Trent Reznor.
Business Insider considered the acquisition to be a surprise on Apple's part. "[Apple] never acquires big companies with multi-billion-dollar valuations. This would easily be Apple's largest acquisition ever." The article also notes that Apple could make use of Beats' streaming service as it establishes itself in the streaming market.
Check out the video below (Warning Explicit Language):
