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Dr. Dre would become Richest Rapper if Beats Sold to Apple

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Dr. Dre would become Richest Rapper if Beats Sold to Apple
 
 

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Dr. Dre would become Richest Rapper if Beats Sold to Apple

The Forbes Five: Hip-Hop's Wealthiest Artists 2014

Dr. Dre leapfrogged Jay Z in FORBES’ latest rankings of hip-hop’s richest artists, claiming the number two position as his net worth soared to an estimated $550 million. Now it looks like the Beats cofounder could lay claim to the top spot in a matter of days.

Late Thursday night, the Financial Times reported that Apple was in talks to buy Beats for $3.2 billion; the deal would be the computer giant’s largest acquisition ever. Dre’s stake in Beats currently stands at somewhere around 20-25%; we valued the company at $2 billion in our latest round of estimates.

A sale for $3.2 billion would nearly double the value of Dre’s holdings, though capital gains taxes could take a bite out of his big payday, likely leaving him with a net worth in the neighborhood of $800 million. It’s not quite enough to land on the Forbes 400, but it would easily make him hip-hop’s richest man, topping current champion Diddy by $100 million.

“Beats has a unique brand—it speaks to a nice young demographic, which is really interesting to marketers,” said Peter Csathy, former president of Musicmatch, an early digital music purveyor acquired by Yahoo in 2004 for $160 million. “When I think about Beats, I think about it as a lifestyle, I think of it as a media company, not just a hardware and music-focused company.”

The value of that brand would also make a handful of other wealthy entrepreneurs even wealthier if the Apple deal goes through. Beats recently raised $60 million in funding from current investors including Dre, cofounder Jimmy Iovine and billionaire Len Blavatnik, via his company Access Industries.

A sale would also nix the possibility of a Beats IPO, which some speculated could be in the offing after the company hired chief financial officer An De Vooght, who spent 16 years in a similar role at Red Bull after stints at Sony and Price Waterhouse, in March.

Apple’s Beats buyout is still not official, and could certainly fall through. In the meantime, though, Dre appears set to break new ground in the business of music yet again.

For more about the music industry, check out my Jay Z biography, Empire State of Mind. My next, Michael Jackson, Inc, will be published in June. You can also follow me on Twitter and Facebook.

 

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Apple adds Beats Music to “Apps Made by Apple” list following addition to App Store prompt

Source: 9to5Mac

Earlier this week we reported that Apple had added Beats Music to its Apple Apps prompt for customers opening the App Store for the first time following its $3 billion acquisition of Beats Electronics and Beats Music. Since that discovery Apple has gone one step further in the App Store adding it to the top of its “Apps Made by Apple” list linked at the bottom of the App Store for all customers in an effort to further promote the streaming music service ap ...
Source: 9to5Mac   Full article at: 9to5Mac Aug 15 2014, 2:04pm CDT
 


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Here's A Look At The Five Executives Apple Is Now Highlighting On Its New Leadership Page (AAPL)

Source: Business Insider

Apple has expanded the group of executives it features on its executive bio page. The group of execs on the page has grown from 9 to 14, and now includes the company's heads of special projects, environmental initiatives, and human resources. They all report to CEO Tim Cook. While top execs like Phil Schiller and Eddy Cue still sit at the top of the executive page and are well known in the tech world, many of ...
Source: Business Insider   Full article at: Business Insider Aug 15 2014, 1:48pm CDT
 

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Apple CEO Tim Cook, Phil Schiller Take On 'Ice Bucket Challenge' to Promote Awareness for ALS

Source: Mac Rumors

Apple CEO Tim Cook today took the "Ice Bucket Challenge," which is designed to raise awareness for amyotrophic lateral sclerosis or ALS, also commonly known as Lou Gehrig's Disease. The challenge asks people to pour buckets of ice water over their heads (documented on film and shared on social media sites) and then tag three friends to do the same. Friends unwilling to complete the challenge are asked to donate money towards ALS, but as noted ...
Source: Mac Rumors  Full article at: Mac Rumors Aug 14 2014, 8:12pm CDT
 

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