It's official: Apple buys Dr. Dre's Beats Electronics for $3billion

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.

Comments

Justin Bieber Billboard magazine cover

Made him look a little like a lesbian. The 21 year old covers the new issue of Billboard magazine where he revealed he has trust issues and feels constantly judged .... " It might seem awesome from the outside,' he told the publication, 'but I’m struggling. Certain things broke my trust with people....I felt like people were judging me all the time.,' he admitted. 'I came out alive. I came out swinging. But I was close to letting [fame] completely destroy me,' he revealed. See more photos... .

Olajumoke Orisaguna Stuns In New Photos

Bread-seller turned model Olajumoke,who is currently shooting for her new reality show really looks amazing as she stuns in several outfits. Here are more photos below......

Nigerian Army removes Commander whose battalion revolted yesterday

The Army Commander whose unit revolted yesterday May 14th in Maiduguri (read here ) has been removed by the Nigerian Army from the 7th infantry division. Spokesman of the Nigerian Army, Major General Chris Olukolade, announced the removal of Major General Ahmadu Mohammed in a statement released today. The Commander's battalion revolted yesterday, shooting sporadically after seeing the bodies of their colleagues who had been ambushed and killed by Boko Haram in Chibok. They also complained of not getting adequate weaponry to fight Boko Haram and poor conditions. The soldiers shot at their commander during the rampage but didn't kill him.

FAJILAWA ENTERTAINMAINT

Search This Blog