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Dr. Dre is now hip-hop’s first billionaire….or is he?  According to Pulse of Radio,

Apple has officially agreed to acquire Dr. Dre and Jimmy Iovine‘s Beats Electronics and Beats Music for $3 billion — consisting of $2.6 billion in cash and $400 million in Apple stock. The deal is expected to close before the end of September. It is the most expensive acquisition in Apple’s 38-year history. It includes the subscription streaming music service Beats Music, and Beats Electronics, maker of Beats headphones, speakers, and audio software.

The news was announced on the Beats Music Blog yesterday (May 28th).  Iovine said in a statement, “I’ve always known in my heart that Beats belonged with Apple. The idea when we started the company was inspired by Apple’s unmatched ability to marry culture and technology. Apple’s deep commitment to music fans, artists, songwriters and the music industry is something special.”

This is a BIG deal!  Now, I guess, we can expect Beats Ear Buds when the iPhone 6 comes out?  Congratulations to Dr. Dre, Jimmy Iovine and Apple.