Music, Finance and Technology industry were hit by a wave on Thursday as Multinational corporation Apple Inc. entered into talks of buying Dr. Dre‘s Beats Electronics for a whopping $3.2 billion! While most pundits can’t make sense of the move yet, most analysts have guessed that Apple is looking to capitalize on Beats streaming music service – similar to the one that Spotify has. While many dismiss the fact that Apple is looking to gain a profitable accessory business via Beats iconic headphone division, pundits predict that Beats co-founder Jimmy Iovine may be a smart executive to have under the Apple ranks.
Now bear in mind that the deal would be the computer giant’s largest acquisition ever. Dre’s stake in Beats currently stands at somewhere around 20-25%; Forbes valued the company at $2 billion in their latest round of estimates. A sale for $3.2 billion would nearly double the value of Dre’s holdings, leaving him with a net worth in the neighborhood of $800 million! This would easily make him hip-hop’s richest man, topping current champion Diddy by $100 million! Apple CEO Tim Cook entered negotiation talks with Beats, and a move seems imminent on the cards. Guess we’ll have to just wait and watch how this one pans out. Stay tuned!
Reblogged this on Hamed Khalidi Blogging.