DID DR. DRE AND JIMMY IOVINE ORCHESTRATE DEAL WITH APPLE FOR "BEATS BY DRE" MAKING HIM THE FIRST BILLIONAIRE RAPPER???

DR. DRE & JIMMY IOVINE

Beats Electronics boss and veteran music industry executive Jimmy Iovine is in talks to join Apple in a “creative” role.

Iovine, who is the co-creator of Beats with partner Dr. Dre, is also chairman of Universal Music Group’s Interscope, Geffen and A&M labels, home to Lady Gaga and Eminem, among others.

Apple is in talks to acquire Beats — which produces headphones and houses a streaming music service — for $3.2 billion.

Iovine’s contract with UMG runs until the end of 2014. If Iovine goes to Apple, he’d join the likes of Angela Ahrendts, the former Burberry executive who signed on at the Cupertino, Calif., company a month ago to run its retail division.

If the sale of Beats Electronics is concluded, it will wind up benefiting UMG, which has a stake in Beats said to be worth around $400 million.

Len Blavatnik’s Access Industries also has a small stake in Beats.

The talks with Apple could have many ramifications. They could increase the value of music content assets and could be beneficial for those trying to value Spotify ahead of its public offering, expected in fall.

The Financial Times first reported news of talks between Apple and Beats Electronics.

A spokeswoman for Iovine’s Beats Music wasn’t immediately reachable for comment.

Update:

Apple is said to be acquiring Beats Electronics in a deal worth $3.2 billion. While the purchase is yet to be confirmed formally, a Facebook video uploaded by actor Tyrese Gibson featuring Dr. Dre suggests the deal is done.

In the clip, actor Gibson — known for his roles in “The Fast and the Furious” and “Transformers” franchises — congratulates Dre, the CEO of Beats Electronics, on the acquisition.

Gibson jokes about the Forbes list, which ranked Dre second on its list the wealthiest hip-hop artists of 2014 with an estimated wealth of $550 million, saying it needed to be updated. Gibson says, “They need to update the Forbes list. S—t just changed.”

Dre adds, “The first billionaire in hip-hop, right here from the motherf—king West Coast.”

The title of richest man in hip-hop according to Forbes currently belongs to Sean “Puff Daddy” Combs, who the magazine says is worth $700m. Jay Z is in third place with $520 million.