Remember Dr. Dre? Now he would make it to forbes list!

Apple has confirmed it is buying Beats Electronics, the headphone and music streaming service set up by rapper Dr. Dre and recording impresario Jimmy Iovine for a whooping $3b!



The $3bn acquisition by far the most expensive in Apple's 38-year history, and comes three weeks after the deal was first rumoured - although the initial price was believed to be $3.2bn.

Apple Boss Tim Cook revealed the deal, saying 'We have known these guys forever, we've dated, we've gone steady and now we are getting married.'
Beats by Apple, from left to right, music entrepreneur and Beats co-founder Jimmy Iovine, Apple CEO Tim Cook, Beats co-founder Dr. Dre, and Apple senior vice president Eddy Cue pose together at Apple headquarters in Cupertino as Cook revealed Apple's Its the baddest deal of all record time kn the apple history. $3 billion acquisition of Beats by Dr Dre.

BEATS HISTORY

Beats was founded in 2008 by Dr. Dre, now a hip-hop producer, and Iovine, a longtime recording industry executive who is currently chairman of Universal Music Group's Interscope Geffen A&M Records.

It now dominates the luxury headphone market.

Its equipment also has been a big seller in Apple's stores.

Operating from its Culver City, California, headquarters, Beats commands 62 percent of the $1 billion U.S. market for headphones priced above $100, according to NPD Group.

The gear, which emphasizes bass, also has been endorsed by several star athletes, including San Francisco 49ers quarterback Colin Kaepernick and New Jersey Nets forward Kevin Garnett.

Beats Music, the music streaming subsidiary of the electronics maker, has more than 250,000 subscribers, according to Cook.

'I’ve always known in my heart that Beats belonged with Apple,' said Jimmy Iovine.

As part of the acquisition, Beats co-founders Jimmy Iovine and Dr. Dre will join Apple.

'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.'

The price consists of $2.6 billion in cash and $400 million in Apple stock that will vest over an unspecified time period.

The deal is expected to close before the end of September.

It is believed Apple is also interested in Beats expertise in developing wearable products and it edges closer to a much anticipated iWatch launch.

Wao! Thumbs up man! And yes SURULERE but when you have an idea....so guys? what idea have you got?

One love.