Hip-Hop music is one of America’s most lucrative exports. Thanks to it, there are now more than a handful of brothers who started out rocking the mic only to become multi-millionaires. But who would have thought they would live to see the day when a former rapper or producer would become a billionaire?
That’s what might occur if news coming out of the Financial Times is correct. They’re reporting that Apple is close to acquiring Beats Electronics for $3.2 billion dollars. The move would be the biggest acquisition in the history of the company. If the deal is completed, owners Jimmy Iovine and Dr. Dre would both be in store for a mammoth payout. The production of the headphones and products was done by Monster Cable until 2012, when Dre and Iovine bought it back. Smart move. Because now, the billion dollar deal could be closed as early as next week.
Beats has established itself as a major player in the industry with its trendy headphones and music streaming service. The Beats brand is also licensed to others under the Beats Audio brand and can be found in cars made by Chrysler, HTC smartphones and HP computers. Apple and Beats have declined to comment on the talks.