Apple buys Dr. Dre's Beats Electronics for $3billion

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It's official. Dr Dre is set to become the 1st  billionaire in Hip Hop. Apple Electronics announced today that it has acquired Dr Dre's Beats Electronics for $3billion. According to Forbes, Apple paid $2.6billion cash upfront and gave $400million in stock that'll vest over time.

The $3billion purchase price includes Beats Music, the sister company that runs a subscription streaming music service. As part of the deal, Beats co-founders Dr. Dre and Jimmy Iovine will join Apple in undisclosed roles.