“Dre’s and my mission for Beats was to introduce premium audio to a generation that had never experienced the emotion of music as intended by the artists because of substandard ear buds and PCs,” Iovine is quoted as saying on website for Beats Music LLC, the company’s streaming service. sold back the 51 percent it had acquired for about $300 million. Private equity firm Carlyle Group LP bought a minority stake in the company in 2013 after HTC Corp. Access Industries Holdings Inc., controlled by billionaire Len Blavatnik, led a group that invested $60 million in the Beats streaming service in 2013. The company’s shareholders also include Paris-based Vivendi SA, which owns Interscope Geffen A&M and took a 14 percent stake after Beats was founded, according to a person familiar with the transaction who asked not to be identified because the information is private. Arons, who also handles publicity for Young, said the rap star declined to comment. A video posted to YouTube the day news of Apple’s interest surfaced, showed Young alluding to the deal, saying “the first billionaire in hip-hop, right here.”Īccording to a report today on the website of Rolling Stone magazine, a judge dismissed a lawsuit brought by Young that sought $3.05 million in unpaid royalties from his former label, Death Row Records.īased on analysis of his proceeds from the transaction, taxes and past earnings from recording and producing, Young probably has a net worth of more than $600 million, according to the Bloomberg index. The capital gain will probably be taxed at 33 percent, in accordance with a blended federal and state tax rate provided by Irvine, California-based accountancy firm Haskell & White. Iovine will collect $800 million once the transaction is completed. This advertisement has not loaded yet, but your article continues below. For $10 a month, subscribers get unlimited access to all of the songs in the service’s catalog through a smartphone, tablet or Web browser. The Beats purchase, which would be the largest-ever acquisition by Apple, could bolster the iPhone-maker’s online music capabilities by giving it ownership of the Beats Music service that started earlier this year. Susie Arons, a spokeswoman for Iovine at New York-based Rubenstein Communications Inc., said the music mogul declined to comment on his net worth. Proceeds from the deal, in addition to millions of dollars collected over more than five decades producing artists such as U2 and Fleetwood Mac, and from his ownership of Interscope Records, will give Iovine a net worth of more than $1 billion, according to the Bloomberg Billionaires Index. He did a brilliant job merchandising Beats and is probably the first billionaire to come out of hip-hop The stakes were confirmed by a person familiar with the company’s ownership and financial performance who asked not to be identified because the details are private. Iovine, 61, owns 25 percent of the Santa Monica, California-based business, while Young holds 20 percent, according to data compiled by Bloomberg. “He did a brilliant job merchandising Beats and is probably the first billionaire to come out of hip-hop.” “He’s an incredibly talented guy,” billionaire David Geffen said in a phone interview from his New York apartment.
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