West coast rapper, “Dr. Dre” could have billions of reasons to celebrate. Dr. Dre, real name Andre Romelle Young is pending a deal to sell his Beats Electronics venture, the company that produces the famous ‘Beats’ premium headphones to Apple.
“The first billionaire in Hip-Hop…right here from the mother-f**king west coast,” blurted the rapper in a camera phone while celebrating with actor Tyrese and movie director, F. Gary Gray, according to TMZ.
Apple, known for its sophisticated ‘gotta have’ gadgets and computer systems originally co-founded by the late Steve Jobs is close to signing a mega deal to purchase Beats Electronics for $3.2 billion dollars.
The headphone maker and music streaming giant was founded by producer Jimmy Iovine and hip-hop artist, Dr. Dre. The Santa Monica-based headphones company was formally established in 2008, bringing high quality-premium headphones that first retailed for about $200.00 - $300.00 dollars each, and became a ‘must-have’ item for teenagers and music lovers.
The Beats headphones became a phenomenon for the “Nothing but a G-thang” rapper, that other rappers like New York's own, 50-Cent jumped in the game with his version of quality, sophisticated headphones through SMS Audio, as well as other high-profile celebrities like Lady Gaga, Ludacris, Quincy Jones, Pauly D and Miles Davis came out with their own brand.
Beats Electronics even sued electronics veteran, Yamaha back in 2013 claiming Yamaha was copying Beats’ impeccable attributes and style.
“Yamaha has brought to market a new line of headphones that copied the distinctive aspects of the Beats’ headphones that comprise Beats’ Trade Dress Rights,” Beats legally complained.
As for Dr. Dre counting his billions, people familiar with the negotiations between Apple and Beats mentioned there are still some details of the sale that need to formally get hashed out and agreed upon. By next week, an official announcement of the purchase could be broadcast in the media.