Apple to Acquire Beats Electronics for $3.2 Billion

Published

9 years ago

May 9, 2014

Dr. Dre better stop counting his chickens before they hatch — calling himself the “first billionaire in hip hop” — a rep for Forbes tells TMZ, once the $3.2 Billion Apple deal is finalized … the rap mogul will NOT hit the billion dollar mark.

Forbes Assistant Managing Editor for Wealth tells us … they've done the math, and after state and federal taxes … Dre will be worth in the neighborhood of $800 million.

It appears Dre only owns 25% of the company … so the max he'd make off the sale is $800 MIL. After state and federal taxes, he's left with $480 MIL, and when you add in Dre's other assets, that's how Forbes now comes up with $800 MIL. Close but no cigar.

The editor says, “Not quite enough to debut on the Forbes 400 but plenty for bragging rights.”

Financial Times is reporting that Apple is poised to make its largest acquisition ever with a planned $3.2 billion USD being forked over to purchase Beats Electronics. According to insiders, Apple will acquire Beats’ streaming music service, which launched this year, and its audio equipment business, which includes its brand of headphones and audio equipment. This proves to be a shocking announcement – both for the price tag as in the past the company was valued at $1 billion after Beats took a $500 million dollar investment from Carlyle in September 2013 – and for Tim Cook’s plan for a high-profile acquisition that differs from that of the late Steve Jobs. According to CNBC, “Apple executives have admitted that its brand is in need of a revamp. Internal emails released during its recent patent trial with Samsung showed that its marketing chief Phil Schiller considered changing Apple’s ad agency after the success of its Korean rival’s ‘next big thing’ campaign.” While it’s still a rumor at this point, there’s no denying that this would be a major shakeup.

Related Topics:apple beats beats by dre dre beats Interview

Montez French

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Music

Ariana Grande – 34+35 (Remix) feat. Doja Cat & Megan Thee Stallion

Published

3 years ago

January 15, 2021

HM staff writer

Ariana Grande, Megan Thee Stallion, and Doja Cat have teamed up for a new remix of Grande’s Positions track 34+35.

Film & Television

Why Did Michaela Coel Walk Away From a $1 Million Dollar Deal with Netflix?

Published

3 years ago

July 6, 2020

HM staff writer

Michaela Coel, the star of HBO’s hit series I May Destroy You had to decline Netflix’s $1 million offer after the streaming giant refused to allow her to retain “at least 5 percent of her rights” for the show.

Coel’s success in the U.S. is largely credited to Netflix. The streamer was the U.S. distributor of Coel’s acclaimed comedy series Chewing Gum. Netflix also housed a feature musical titled Been So Long in which Coel was the lead, as well as the drama series Black Earth Rising. Coel also starred in an Emmy-winning episode of Black Mirror, also distributed by Netflix. So, naturally, Coel’s history with the streaming platform made it the premier destination for her new project. After a short negotiation with a Netflix executive, however, Coel had to find a different home for I May Destroy You in order to maintain ownership of the series.

According to Vulture, Coel recalled that Netflix made her a $1 million offer for I May Destroy You in spring 2017 but she turned it down. Why? The streamer wouldn’t allow her to retain any percentage of the copyright. Coel even discontinued her relationship with CAA after it “tried to push her to take the deal”.

I May Destry You is based on Coel’s personal experience of being sexually assaulted during the making of Chewing Gum. At the age of 32, Coel is in full creative control of the series as its showrunner, director, star, and writer. She wrote all 12 episodes and co-directed nine, stars as a young writer Arabella struggling to come to terms and process a recent assault.

The series is now streaming on HBO.

Film & Television

Ava DuVernay and Whoopi Goldberg Elected to The Academy’s Board of Governors

Published

3 years ago

June 11, 2020

HM staff writer

The Academy of Motion Picture Arts and Sciences has just elected members to its 2020-2021 Board of Governors. Among the six newly elected governors are director Ava DuVernay. EGOT winner Whoopi Goldberg has been re-elected for a second three-year term.

For those not familiar with the work of the Board of Governors, here is a breakdown of how it works and what it does.

Per Oscars official website, The Board of Governors directs the Academy’s strategic vision, preserves the organization’s financial health and assures the fulfillment of its mission.

Governors attend 6-8 board meetings annually (in person or by video). Each Governor also serves on one board oversight committee and their branch’s executive committee, and they are expected to represent their branch at numerous Academy events through the year.

The Academy has a total of 18 branches, including the actors branch and directors branch, where Goldberg and DuVernay will serve. Each branch is represented by three governors who are elected for three-year terms.

Since the #OscarSoWhite campaign in 2015, the Academy has been making efforts to increase diversity across the board. After the most recent election, out of 54 governors, the number of female Academy governors increased from 25 to 26, and people of color increased from 11 to 12.