According to a new book, Dr. Dre lost $ 200 million from his Apple Beats deal because of the social media video

According to a new book, Dr. Dre lost $ 200 million from his Apple Beats deal because of the social media video

The Oral History of How Dr. Dre Joined ‘GTA Online: The Contract’ At 2:00 a.m., Iovine got a call from Puff Daddy, who was screaming that Dre and Tyrese, a rapper, were talking about the deal in a Facebook video. Iovine pulled up the video and cringed as he saw Tyrese bragging about being drunk on Heineken in a recording studio. When word of the video reached [Tim] Cook, he summoned Iovine and Dre to [Apple’s headquarters in] Cupertino,” the book excerpt reads.

Dr. Dre almost lost the lucrative agreement that would have made him a billionaire – in addition to $200 million – owing to an early leak from a social media video on the purchase. In a new book titled ‘After Steve: How Apple Became A Trillion-Dollar Company And Lost Its Soul,’ New York Times reporter Tripp Mickle talks about the legendary agreement between Dr. Dre and Jimmy Iovine to acquire Beats Headphones. Mickle adds that the couple lost $200 million on the original offer after a social media video of Tyrese celebrating the news was leaked. Diddy called Iovine about the news after his staff told him not to share it until the agreement was inked.

Highlights

  • “He invited them into a conference room for a private conversation. Iovine was anxious and afraid that Cook was going to kill the deal […]. He told the music executives that he was disappointed and wished that Dre’s social media outburst hadn’t happened but said that the video hadn’t shaken his conviction that buying Beats was right for Apple.” The company was able to use the social media fiasco to re-negotiate the teams of the deal. Early reports originally suggested that the cut was because of its low subscriber count from its platform. The tech company purchased the headphones company in 2014 in a deal worth $3 billion from owners Dr. Dre and Jimmy Iovine.