It’s official. Andre “Dr. Dre” Young has become hip-hop’s first billionaire with the official announcement of the sale of Beats Electronics to Apple, Inc. He and Interscope head Jimmy Iovine, his partner, and Beats were welcomed into the Apple family today.
According to reports the two will net $2.6 billion with $400 million worth of Apple stock in the sale.
The now ultra-rich partners will also join Apple. Iovine has already announced his replacement at Interscope – John Janick, who was already at Interscope and being groomed for the top job. He’s already CEO and President of Interscope Geffen A&M. Iovine founded the company in 1989.
“I’ve always known in my heart that Beats belonged with Apple,” Iovine said in a statement. “The idea when we started the company was inspired by Apple’s unmatched ability to marry culture and technology. Apple’s deep commitment to music fans, artists, songwriters and the music industry is something special.”
No word on who will replace Dre as producer for the long-awaited Detox 2 release, but we’d bet that project ain’t never gonna happen now. The new Apple executives chopped it up with Cook and Apple SVP Of Internet Services Eddy Cue.
Apple CEO Tim Cook tweeted “Sharing a laugh with Jimmy, Dre, and @. Excited to welcome the team to . It’s all about the music.” As you can imagine, they must have a lot to laugh about.
Dre’s statement via Instagram “Here’s to the next episode.” #AppleBeats.
(Photo: Tim Cook Twitter)