Dr Dre to become first billionaire in hip-hop?

entertainmentwise Showbiz News May - 10 - 2014 , 10:49

Dr Dre could be on the verge of scoring his biggest business deal yet if reports claiming the hip-hop mogul is in talks to sell his lucrative Beats Electronics company to technology giant Apple for an eye-watering $3.2 billion (£1.9 billion) are true.

The 49-year-old, real name Andre Romelle Young, launched the Beats by Dr Dre headphones company in 2008 alongside his business partner and music producer, Jimmy Lovine and now includes a music streaming service.

According to The Financial Times, Dre has been in serious talks with Apple to acquire the brand which is valued at a cool $1 billion with an announcement believed to be made next week.

Technology analysts are speculating that Apple are more interested in the music streaming leg of Beats Electronics rather than the headphones and they are also reportedly considering a deal with Spotify.

In September 2013, Beats Electronics received a $500 million (£295 million) investment from Carlyle Group, boosting its financial value.

With Apple reportedly sitting on a $133 billion (£78 billion) cash pile, it's very possible the news could be true.

As if that wasn't enough, Dr Dre appears to have confirmed the news in a video posted on Facebook by his close friend and Fast & Furious actor, Tyrese Gibson, with the caption: “How did I end up in the studio with Dr Dre on the night his deal went public that he did with Apple 3.2 billion!!!! The beats headphones just changed hip hop!!!!!”

In the video, Tyrese can be seen wearing a pair of Beats headphones while saying: “It's not often you get to listen to beats with Mr Beats himself.” Standing right beside the actor, Dre can be seen laughing and pointing shouting: “I like that, I like what you're doing.”