Apple May Appoint Beats' Dr. Dre, Jimmy Iovine to Senior Positions (Report)
How is Apple sweetening a potential Beats acquisition deal? By offering a pair of senior positions to Jimmy Iovine and Dr. Dre.
According to The Wall Street Journal, the Cupertino-based tech giant would appoint the co-founders of the electronics brand, which recently launched a subscription music service, top spots as part of the $3-billion-plus purchase. WSJ also noted that the new opportunity at Apple would require Iovine to leave his chairman post at Interscope Geffen A&M records.
The development comes as Beats recently began to transition staff from its Santa Monica office to a new campus in Culver City. A rep for Beats campus developer, Hackman Capital Partners, tells The Hollywood Reporter that the company has a multiyear lease in the millions of dollars for more than 100,000 square feet in WorkScapes at the Hayden Tract -- possibly presenting the option for Iovine and Dre to contribute while remaining based in L.A., where the two will welcome the inaugural class to the USC Jimmy Iovine and Andre Young Academy for Arts, Technology and the Business of Innovation this fall.
Beats began as a headphone manufacturer, but in 2012 acquired music-streaming service MOG. The company then received a $500 million cash infusion from Carlyle Group in September and launched Beats Music a few months later, in January this year.
THR has reached out to Beats for comment; Apple declined to comment.