Dr. Dre: Hip-hop's first billionaire? Apple set to buy headphone company Beats for $3.2 billion
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2014-05-13
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Rumors have been flying since late last week about Apple's presumed $3.2 billion acquisition of headphone maker Beats Electronics.
The company, which was founded in 2008 by music producer Jimmy Iovine and rapper Dr. Dre, is known primarily for its over-priced bass-heavy headphones. More fashion accessory than marvels of engineering, audiophiles wouldn't be caught dead wearing them, but the company's products have quite the following among the fashion-conscious.
Analysts believe the less-than-warm reception to last year's release of iTunes Radio may be partly to blame for the surprising move, which has left loyal Apple fans puzzled. The streaming service was launched to combat flagging iTunes sales in hopes of emulating some of the success of young upstarts like Spotify.
Apple seems to think the newly-released Beats Music service can help turn things around for them.
The iPhone maker has tended to focus on smaller acquisition targets in the past, so who's to say that this time around things will go down smoothly?
Apple hasn't forgotten about Beats co-founder Dr. Dre, though, who, along with Iovine, is expected to join the tech giant in a senior role.
Given the doctor's large stake in Beats Electronic, he may well become hip hop's first billionaire.
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Rumors have been flying since late last week about Apple's presumed $3.2 billion acquisition of headphone maker Beats Electronics.
The company, which was founded in 2008 by music producer Jimmy Iovine and rapper Dr. Dre, is known primarily for its over-priced bass-heavy headphones. More fashion accessory than marvels of engineering, audiophiles wouldn't be caught dead wearing them, but the company's products have quite the following among the fashion-conscious.
Analysts believe the less-than-warm reception to last year's release of iTunes Radio may be partly to blame for the surprising move, which has left loyal Apple fans puzzled. The streaming service was launched to combat flagging iTunes sales in hopes of emulating some of the success of young upstarts like Spotify.
Apple seems to think the newly-released Beats Music service can help turn things around for them.
The iPhone maker has tended to focus on smaller acquisition targets in the past, so who's to say that this time around things will go down smoothly?
Apple hasn't forgotten about Beats co-founder Dr. Dre, though, who, along with Iovine, is expected to join the tech giant in a senior role.
Given the doctor's large stake in Beats Electronic, he may well become hip hop's first billionaire.
------------------------------------------------------------------------------------------------
Welcome to TomoNews, where we animate the most entertaining news on the internets. Come here for an animated look at viral headlines, US news, celebrity gossip, salacious scandals, dumb criminals and much more! Subscribe now for daily news animations that will knock your socks off.
Check out our Android app: https://play.google.com/store/apps/details?id=com.nextmedia.gan
Check out our iOS app: https://itunes.apple.com/app/tomonews/id633875353
For news that's fun and never boring, visit our channel:
https://www.youtube.com/user/TomoNewsUS
Subscribe to stay updated on all the top stories:
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