Dr. Dre sells Beats Electronics to Apple for $3 billion
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Source: NY Daily News
In exchange for their company, which makes Beats by Dr. Dre headphones, the rap mogul and his business partner, Jimmy Iovine, are getting $2.6 billion in cash, $400 million in stock and big time jobs with Apple.
BY ELIZABETH LAZAROWITZ , CORKY SIEMASZKO NEW YORK DAILY NEWS
Published: Wednesday, May 28, 2014, 5:43 PM Updated: Wednesday, May 28, 2014, 6:45 PM
Dr. Dre is in the monay.
The rap mogul and his business partner, Jimmy Iovine, have inked a $3 billion deal to sell Beats Electronics, which makes the wildy popular Beats by Dr. Dre headphones, to Apple Inc.
Dre, 49, and Iovine, 61, are getting $2.6 billion in cash, $400 million in Apple stock, and big time jobs with the company.
“We’ve known these guys forever,” said Apple honcho Tim Cook. “We’ve dated, we’ve gone steady and now we’re getting married.”
Cook called it an “incredible cultural fit.”
“These two guys have a very rare set of skills,” he said. “It’s like finding a particular grain of sand on the beach. It’s that rare.”
Read more: http://www.nydailynews.com/entertainment/dr-dre-sells-beats-apple-3-billion-article-1.1808975#ixzz333nQdYp7
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Jimmy Iovine USC Commencement Speech
Published on May 21, 2013
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Music industry executive Jimmy Iovine delivered the commencement address at USC's 130th commencement on May 17, 2013.
Dr Dre Speaks At USC Graduation
Read Jimmy Iovine's USC Commencement Speech (Video)
5:07 PM PDT 5/19/2013 by THR Staff
The music mogul brought out surprise guest Dr. Dre at the graduation ceremony, where also he received an honorary degree.
Dr. Dre, left, and Jimmy Iovine
Interscope Records and Beats Electronics founder Jimmy Iovine received an honorary degree from the University of Southern California during the school's Friday graduation ceremony, where he also delivered a speech and brought out surprise guest Dr. Dre.
Read the full text of his commencement address below, as posted online by USC:
To all the proud parents here today, just one year ago, I sat all the way in back, I mean the last row, watching my own daughter Jessica graduate from USC. Look, if they asked me to do this, you better pay attention because next year they could ask you.
To all of today’s graduates, I can’t imagine what’s going through your minds right now. I never had the opportunity to go to a great university like this. I didn’t get here today like you did — by studying hard and excelling in school. Yet here I stand before you at this amazing crossroads in your life. So the question of the hour is what can I teach you? How can I help you even in the slightest way to be ready for whatever comes next?
So I asked myself, how did I get here? After a lot of thought, I realized there have been two life lessons that changed everything about me. These were moments that shook me, scared me and humbled me. In the end, these moments are two big reasons I am here today. And since my education came in the music business, you may recognize some of the names and think, how can this guy’s stories possibly apply to me? Yet I truly believe these two experiences apply to absolutely anyone and anything you want to do in this journey called life.
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