Apple Confirms It Will Pay $3 Billion For Beats By Dre — Tha Wire [VIDEO]
The Associated Press reports as part of the deal, the tech giant is going to shell out $2.6 billion in cash and $400 million in Beats stock. This will mark the biggest purchase for Apple in its 40-year history. The sale will be final in September.
So where does that leave Dr. Dre and Jimmy Iovine? Besides extremely wealthy, they’ll hold down executive positions within Apple’s music division. Doing what, hasn’t been determined just yet. But who cares! The two will not only walk away with $1.5 billion a piece from the sale of Beats, but continue to collect checks from Apple as company execs.
Apple took the “If you can’t beat em, join em” approach buying Beats, because Dre and Iovine were killing the game. Last year alone Beats made $1.1 billion and that accounts for more than 50 percent of U.S. headphones priced over $100! Not to mention, the Beats Music streaming service is also on the rise with more than 250,000 subscribers and counting.
Listen to Tha Wire below and find out what changes consumers can expect with the merger of the two company’s.
Finally, Hip Hop icon Nas rapped “read more, learn more, change the globe” in “I Can” and now he’s making those words a reality for college graduates.
Yesterday (May 28th), the Queens legend, his investment company Queensbridge Venture Partners and Koru announced The Nas Scholarship Fund, which will offer college graduates job training and placement. Their off to a good start as the combined venture, partnered with 13 colleges and recently awarded the first recipients of The Nas Scholarship Fund.
Though he dropped out of school after the eighth grade, the rapper realizes the importance of having a good education. Nas said of his scholarship fund,
I’m inspired to support Koru participants because I know how hard it can be to carve out your path and purpose in life. It takes conviction, hard work and the right network. The young people going through Koru are gritty, book smart and street smart. The Koru program gives them an opportunity to put those smarts to work. I can’t wait to work directly with them and share what I’ve learned through my own life experiences.
To find out how to apply, learn more about the Koru program and The Nas Scholarship Program, check out Koru’s official website.
For more details on all of the above, listen to Tha Wire now.