Skip to content

Dr. Dre is doing OK! Apple to buy his Beats for $3 billion

By Catholic Online (NEWS CONSORTIUM)
5/29/2014 (3 years ago)
Catholic Online (www.catholic.org)

Analysts find Beats a worthy acquisition for Apple

Dr. Dre? He's doing more than OK! Computer titan Apple is buying his company, Beats - which he co-founded for Jimmy Iovine, is being bought out for a cool $3 billion. Rumors had been brewing for several weeks.

Dr. Dre? He's doing more than OK! Computer titan Apple is buying his company, Beats - which he co-founded for Jimmy Iovine, is being bought out for a cool $3 billion.

Dr. Dre? He's doing more than OK! Computer titan Apple is buying his company, Beats - which he co-founded for Jimmy Iovine, is being bought out for a cool $3 billion.

Highlights

By Catholic Online (NEWS CONSORTIUM)
Catholic Online (www.catholic.org)
5/29/2014 (3 years ago)

Published in Music

Keywords: Apple, Beats, Dr. Dre, acquisition, Jimmy Iovine


LOS ANGELES, CA (Catholic Online) - Under the terms of the agreement, Apple will pay $2.6 billion up front, plus another $400 million over time. Beats Electronics has been known for their stylishness. Part of the deal will include a streaming service with Beats Music.

While exciting in some quarters, the agreement is relatively "chump change" for Apple. As of last year, the company has $159 billion in the bank.

Starvation never takes a vacation --

Some are questioning the acquisition of Beats. While the music streaming service has an estimated half million customers, this is relatively small in comparison to Spotify's four million subscribers. The music streaming service Pandora is valued by investors at $5.2 billion, and has more than 250 million active accounts. Apple could buy Pandora thirty times over. 

Apple CEO Tim Cook greeted the acquisition with enthusiasm. The deal, he says, brings together "extraordinary teams so we can continue to create the most innovative music products and services in the world." Apple expects the deal to close in late summer or early fall.

Beats founders Iovine and Dr. Dre are both successful music producers who launched the company back in 2006 and quickly grew it via celebrity endorsements.

Dre has declared himself "the first billionaire in hip hop." His stake in Beats, estimated at 20 to 25 percent, is expected to push his net worth of $550 million close to that number. It's unconfirmed if Dre is a billionaire just yet.

Iovine described the deal as a match made in heaven. He said the whole Beats concept was inspired by Apple's perfect blend of culture and technology.

"I've always known in my heart that Beats belonged with Apple," Iovine said in a statement.

Both Dre and Iovine intend to join Apple, so Iovine is stepping down from his perch as CEO of the record company Interscope Geffen A&M.

---


'Help give every student and teacher Free resources for a world-class moral Catholic education'


Copyright 2017 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for OCTOBER 2017
Workers and the Unemployed.
That all workers may receive respect and protection of their rights, and that the unemployed may receive the opportunity to contribute to the common good.


Comments


More Music

One of the world's greatest composers was also a Catholic priest Watch

Image of Vivaldi was not just a legendary composer, he was also a priest.

While Antonio Vivaldi's "Four Seasons" echoes in concert halls and elevators around the world, for some, his greatest masterpieces are not ... continue reading


What's this priest doing at a popular music festival? Watch

Image of Fr. Jenuwine, parochial vicar at St. Apollinaris Parish in Napa, California had been trying to brainstorm creative ways to reach out to young adults.

What's a good way to reach a lot of young people all at once? Napa, Calif. (CNA/EWTN News) - Plant yourself at an entrance of a popular ... continue reading


U2 lead singer, Bono powerfully endorses critical Psalms message Watch

Image of Bono thinks Christian artists need to be way more honest.

It's no secret U2 lead vocalist, Bono loves the Bible, but he has again come forwrd to openly express again how much he truly loves the ... continue reading


Amazing love song medley mashes up the greatest love songs from the 60s to now just in time for Valentine's Day Watch

Image of David Osmond, Ashley Hess and Eric Thayne in their love song medley YouTube video.

Five talented musicians take you on a fun time-trip with their love song medley that takes songs from different decades in their viral ... continue reading


Semi-finalist stuns on 'The Voice' with powerful rendition of beautiful Christian song Watch

Image of Christian Cuevas stunned the audience in a beautiful version of a powerful song of worship.

Talented singer Christian Cuevas certainly lived up to his name earlier this month when he dared to sing a gospel song the secular TV music ... continue reading


Never Miss any Updates!

Stay up to date with the latest news, information, and special offers.

Information
Learn about Catholic world

Catholic Online
Inform - Inspire - Ignite

Catholic Online Saints
Your saints explained

Catholic Online Prayers
Prayers for every need

Catholic Online Bible
Complete bible online

Catholic Online News
Your news Catholic eye

Daily Reading
Today's bible reading

Lent / Easter
Death & resurrection of Jesus

Advent / Christmas
Birth of Jesus

Rest of Catholic Online
All Catholic world we offer

Services
Products and services we offer

Catholic Online Shopping
Catholic medals, gifts & books

The California Network
Inspiring streaming service

Advertise on Catholic Online
Your ads on catholic.org

Catholic Online Email
Email with Catholic feel

Catholic Online Singles
Safe, secure Catholic dating

The California Studios
World-class post production service

Education
Learn the Catholic way

Catholic Online School
Free Catholic education for all

Student Classes
K-12 & Adult Education Classes

Catholic Online MasterClass
Learn from experts

School Teachers
Teacher lesson plans & resources

Catholic Media Missionaries
The New Evangelization

Support Free Education
Tax deductible support Free education

Socials
Connect with us online

Catholic Online on Facebook
Catholic social network

Catholic Online on Twitter
Catholic Tweets

Catholic Online on YouTube
Enjoy our videos

Catholic Online on Instagram
Shared Catholic moments

Catholic Online on Pinterest
Catholic ideas style inspiration

Catholic Online Logo

Copyright 2017 Catholic Online. All materials contained on this site, whether written, audible or visual are the exclusive property of Catholic Online and are protected under U.S. and International copyright laws, © Copyright 2017 Catholic Online. Any unauthorized use, without prior written consent of Catholic Online is strictly forbidden and prohibited.