ADAM HUNGER/REUTERS
Dr. Dre is in the monay.
The rap mogul and his business partner, Jimmy Iovine, have officially inked a $3 billion deal to sell Beats Electronics, which makes the wildy popular Beats by Dr. Dre headphones, to Apple Inc.
Dre, 49, and Iovine, 61, are getting $2.6 billion in cash, $400 million in Apple stock and big time jobs with the company.
'We've known these guys forever,' said Apple honcho Tim Cook. 'We've dated, we've gone steady and now we're getting married.'
Business Wire
Cook called it an 'incredible cultural fit.'
'These two guys have a very rare set of skills,' he said. 'It's like finding a particular grain of sand on the beach. It's that rare.'
The Apple chief didn't specify what exactly the good doctor and the legendary music producer will be doing for Apple, but he said the Beats' music streaming service was the main selling point.
Michael Dwyer/AP
This is the most expensive acquisition in Apple's 38-year history. But it's about $200 million less than what had been expected when word first leaked out three weeks ago that the iPhone maker was after Beats Electronics.
Dre all but confirmed that he was on the verge of becoming the rap world's first billionaire in a NSFW video that appeared on R&B singer Tyrese Gibson's Facebook page.
'First billionaire in hip hop, right here on the motherf-----g West Coast,' Dre is heard saying.
In the video, they were drinking Heineken. Now they can afford to bathe in Cristal.
csiemaszko@nydailynews.com
Entities 0 Name: Apple Count: 5 1 Name: Beats Electronics Count: 2 2 Name: Iovine Count: 1 3 Name: Dr. Dre Count: 1 4 Name: ADAM HUNGER\/REUTERS Dr. Dre Count: 1 5 Name: Heineken Count: 1 6 Name: Michael Count: 1 7 Name: Tim Cook Count: 1 8 Name: Apple Inc. Count: 1 9 Name: Business Wire Cook Count: 1 10 Name: Jimmy Iovine Count: 1 11 Name: Tyrese Gibson Count: 1 12 Name: Dre Count: 1 13 Name: West Coast Count: 1 Related 0 Url: http://ift.tt/1kdDw54 Title: Did Dr. Dre's boastfulness cost him hundreds of millions in Apple-Beats deal? | Cult of Mac Description: After Beats co-founder Dr. Dre made an exuberant video post on Vine boasting about becoming the first rap billionaire, many worried that Apple's deal with the audio and streaming music service - once rumored to be worth as much as $3.2 billion - was scuttled.
