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Posts tagged as “Apple”

Apple Adds $25 Million to Racial Equity and Justice Initiative, Increasing Financial Commitment to over $200M since 2020

This week, Apple announced its Racial Equity and Justice Initiative (REJI), a long-term global effort to advance equity and expand opportunities for Black, Hispanic/Latinx, and Indigenous communities, has more than doubled its initial financial commitment to total more than $200 million over the last three years.

Since launching REJI in June 2020, Apple has supported education, economic empowerment, and criminal justice reform work across the U.S., with recent expansion to Australia, the U.K., and Mexico.

Apple launched REJI at a pivotal moment in the U.S., as protests against racial injustice in the wake of the murders of Ahmaud Arbery, George Floyd and Breonna Taylor swept the nation.

“Building a more just and equitable world is urgent work that demands collaboration, commitment, and a common sense of purpose,” said Tim Cook, Apple’s CEO. “We are proud to partner with many extraordinary organizations that are dedicated to addressing injustice and eliminating barriers to opportunity. And we’ll continue to lead with our values as we expand our efforts to create opportunities, lift up communities, and help build a better future for all.”

Apple has reported that REJI’s education grants have reached more than 160,000 learners through in-person courses and out-of-school offerings, while committing over $50 million to Historically Black Colleges and Universities (HBCUs) and Hispanic-Serving Institutions (HSIs) to support science, technology, engineering, arts, and math opportunities.

With a focus on economic empowerment, REJI funds financial institutions — including venture capital firms, Community Development Financial Institutions, and Minority Depository Institutions — that support Black, Hispanic/Latinx, and Indigenous entrepreneurs and businesses.

As part of its expanding work, Apple also announced a new partnership with the My Brother’s Keeper Alliance (MBKA), a program of the Obama Foundation. Through this strategic partnership and funding, Apple aims to help close opportunity gaps faced by boys and young men of color by supporting training for community leaders and MBKA staff, expanding programming for boys and young men of color, and strengthening the MBKA network through targeted community impact microgrants. The program plans to train more than 500 leaders and engage over 50,000 youth across the U.S.

“Apple’s continued support of the My Brother’s Keeper Alliance empowers the foundation to develop and implement new initiatives that create opportunities for our young people,” said Valerie Jarrett, the Obama Foundation’s CEO. “Together, we are building a more inclusive educational system that nurtures creativity, fosters innovation, and transforms the lives of boys and young men of color across the country. We are grateful for their partnership and look forward to our continued collective efforts to ensure all youth can reach their full potential.”

REJI’s criminal justice reform grants are reported to have supported providing legal services, safe housing, identification services, healthcare access, and other vital reentry services for more than 19,000 justice-impacted individuals.

To combat systemic racism, REJI and Apple have partnered with several community colleges — including the Los Angeles Community College District, Delgado Community College in New Orleans, and Houston Community College — to implement programs to help incarcerated and paroled individuals learn new skills, prevent recidivism, and create economic opportunity for parolees and probationers.

Apple has also made meaningful contributions to various nonprofit organizations that advance equity and justice, including the Anti-Recidivism Coalition, Defy Ventures, Vera Institute of Justice, and The Last Mile.

To learn and read more about Apple’s Racial Equity and Justice Initiative, check out its REJI Impact Overview.

Apple Launches New Racial Equity and Justice Initiative Projects Nationwide

[Photo courtesy apple.com: Jared Bailey, a senior at Morehouse College, has integrated Apple’s coding and creativity curricula into his public health and community service work as part of the school’s partnership with Apple, a collaboration that is expanding further with the launch of the Propel Center.]

Today, Apple announced a set of major new projects as part of its $100 million Racial Equity and Justice Initiative (REJI) to help dismantle systemic barriers to opportunity and combat injustices faced by communities of color.

These efforts include the Propel Center, a first-of-its-kind global innovation and learning hub for Historically Black Colleges and Universities (HBCUs); an Apple Developer Academy to support coding and tech education for students in Detroit; and venture capital funding for Black and Brown entrepreneurs.

“We are all accountable to the urgent work of building a more just, more equitable world — and these new projects send a clear signal of Apple’s enduring commitment,” said Tim Cook, Apple’s CEO.

“We’re launching REJI’s latest initiatives with partners across a broad range of industries and backgrounds — from students to teachers, developers to entrepreneurs, and community organizers to justice advocates — working together to empower communities that have borne the brunt of racism and discrimination for far too long. We are honored to help bring this vision to bear, and to match our words and actions to the values of equity and inclusion we have always prized at Apple.”

Ne-Yo Invests $2.3 Million in Holberton School, a Free Coding Academy, to help Diversify Tech

Ne-Yo with the Holberton founders Sylvain Kalache and Julien Barbier and Trinity Partner Dan Scholnick (photo via Holberton School)

by Biz Carson via businessinsider.com
The idea of a coding school that charges no upfront tuition was intriguing to Ne-Yo. The Grammy Award-winning artist is certainly not the first musician to invest in Silicon Valley, but he’s one that wants to put his talents and money into helping to solve the diversity challenges facing the tech industry.
On Thursday, Holberton School plans to announce that Ne-Yo invested in the coding academy’s most-recent $2.3 million funding round and is joining its Board of Trustees as a result. “This is not a realistic career for people who came up like me. It’s more realistic to do what I do, be a singer or an NBA star,” Ne-Yo said during a party celebrating his new role at Holberton hosted by Trinity Ventures in San Francisco. “Thanks to these guys it now is,” Ne-Yo said. “I have a platform, and I’m going to use this platform to spread the word.”
While there are plenty of coding schools and bootcamps abound, the Holberton School is taking a different approach by charging no upfront tuition for students to enroll. Instead, graduates have to contribute about 17% of their salaries or internship pay to the school for three years after graduation. Already, Holberton’s free (at least upfront) approach has helped the coding school attract a wide-range of people wanting to break into the tech industry.
Women constitute 40% of its students, and 53% of the student body is people of color.Specifically, Ne-Yo wants to attract more Hispanics and blacks to the coding school based in San Francisco. The school is able to keep its costs low by not hiring formal teachers or giving lectures. Instead much of the curriculum is based around students working on specific projects and helping teach each other. They also work with mentors from companies like Uber and LinkedIn to finish the two-year program.
Already, some of Holberton’s students have interned or been hired at companies like Apple, NASA, and Dropbox. While the coding school is still only about 18 months old, it’s early success is already attracting heavy-hitters like Ne-Yo, along with existing investors including Trinity Ventures, Yahoo cofounder Jerry Yang, and Jerry Murdock, co-founder of Insight Venture Partners. “I’m very, very excited about this,” Ne-Yo said at the celebration. “Let’s make Holberton one of the biggest schools on the face of the planet.”
To read full article, go to: Ne-Yo invests in Holberton School, a free coding school – Business Insider

President Obama Pledges $4 Billion Toward Computer Science in Schools

Andrew Harrer/Bloomberg via Getty Images

The White House isn’t just relying on legislation to make computer science education a priority in the US. President Obama has launched a Computer Science for All initiative that gives states $4 billion in funding to expand computer science in K-12 schools through a mix of better course materials, partnerships and teacher training. The move also sends another $100 million directly to school districts, unlocks $135 million in funding from government organizations and gets further cooperation from both local governments as well as tech leaders.
Some of those leaders include companies that have already promised support for the President’s educational initiatives. Apple, Cartoon Network, Code.org, Facebook, Microsoft, Salesforce and Qualcomm are all widening their education efforts, investing in programs or both to help improve computer science in the country.
Throwing cash at a problem won’t make it go away, of course, and there aren’t any guarantees that the money will make a difference. However, the effort at least tackles one of the core issues head-on: getting computer science into schools in the first place. Roughly three quarters of schools go without any CS programs, and 22 states don’t accept these classes as credit toward a high school diploma. If the extra funding works as planned, it’ll get CS courses into more schools and help create a generation of kids that know how to code before they reach college.
article by Jon Fingas via engadget.com

30 HBCU Students Receive Scholarships from Apple in $40 Million Diversity Effort

(Image: Denise Smith Young - fortune.com)
Apple VP Denise Young-Smith (photo via fortune.com)

Apple made a $40 million dollar multi-year commitment, the largest and most comprehensive corporate investment ever given exclusively for students and faculty of four-year HBCUs.  Apple awarded 30 HBCU students a one-year college scholarship and a summer internship program at Apple’s headquarters at the Leadership Institute in Washington D.C., last weekend.
Hosted by the Thurgood Marshall College Fund (TMCF) the students were chosen from across 47 HBCUs. The 30 Apple scholars were announced by Denise Young-Smith, vice president for worldwide human resources, Apple. Young-Smith is herself a graduate of an HBCU; Grambling State University.
“The people at Apple don’t just create products—they create the kind of wonder that’s revolutionized entire industries,” remarked Young-Smith at the ceremony. “And it’s the diversity of those people and their ideas that inspires the innovation that runs through everything we do, from amazing technology to industry-leading environmental efforts,” she said.
The Apple HBCU Scholars Program is part of the new Apple and TMCF Diversity Initiative between Cupertino and TMCF. As part of the partnership, Apple made a $40 million dollar multi-year commitment, the largest and most comprehensive corporate investment ever given exclusively for students and faculty of four-year HBCUs.
“There are ‘scholarships’ and then there are ‘scholarship programs,’” said TMCF President & CEO Johnny C. Taylor Jr. “Apple has made an historic investment in a scholarship program that will transform the lives of HBCU star students by not only removing the financial barriers to college attendance, but by providing them additional non-financial program elements like Apple mentors and summer internships. These Apple HBCU Scholars will be the future tech industry leaders.”
The scholarship includes up to $25,000 for their senior year; a summer internship in Cupertino, California; participation in a year-round program to prepare for post-graduation careers; pairing with an Apple mentor during their senior year; the opportunity to serve as Ambassadors on their campuses to build awareness about the Apple and TMCF Diversity Initiative; an invitation to attend TMCF’s Annual Leadership Institute; and participation in the Apple HBCU Immersion Experience in Cupertino.
“This program is about exposing gifted students from HBCUs to a career in technology. We’re big believers that innovation will be strongest when talented people from diverse backgrounds are part of the creative process,” said Young-Smith. “That’s why we’re so proud to be partnering with TMCF to help us find the next generation of innovators.”
One of the Apple HBCU scholars, Lauren Patterson, previously interned at Apple. She introduced Young-Smith at the event.
“I learned a lot at Apple last summer. It was a great experience working with people from all backgrounds,” said Patterson. “I love to code,” she said. Patterson wants to do anything “code-related” for a career, including being a software engineer.
Here is the full list of the Apple HBCU Scholars and their schools:
Angelica Willis, North Carolina A&T
Bethlehem Zergaw, Alabama A&M
Bushra-Sultan Yagboyaju, Fisk
Chukwuemelie Onwubuya, Allen University
Dakari Franklin, Morehouse
Darnel Williams, Grambling State University
David Nesbeth, Howard University
Deshaun Crawford, Delaware State University
Ebenezer Nkrumah, Fisk University
Grant Pope, Morehouse
Khaliq Satchell, Elizabeth City State University
Lauren Patterson, Hampton University
Malik Jones, Hampton
Maurita Ament, Spelman
Mya Havard, Spelman
Nathaniel Spindler, Fayetteville State University
Naya Coard, Spelman
Nhan Mai, Alabama A&M
Nia Farmer, Howard University
Paris Griffin, Chicago State
Richard Igbiriki, Lincoln U (PA)
Ropafadzo Ropa Denga, Spelman
Sakshyam Dahal, Claflin
Taha Merghani, Jackson State University
Tatyana Matthews, Elizabeth City State University
Timothy Baba, Huston-Tillotson/Prairie View A& M (3-2)
Todd Boone II, Prairie View A & M
Xavier Crutcher, Alabama A&M
Zanetta Tyler, North Carolina A & T
Gaston Seneza, Philander Smith
Paul Hammond, North Carolina A&T
article by Samara Lynn via blackenterprise.com

TECH: Award-Winning Journalist Kunbi Tinuoye Launches UrbanGeekz.com, Website for Underserved Minorities in Technology, Business and Science

UrbanGeekz CEO and Founder Kunbi Tinuoye (Photo: Jerome Dorn)
UrbanGeekz CEO and Founder Kunbi Tinuoye (Photo credit: Jerome Dorn)

Kunbi Tinuoye, former broadcast journalist and correspondent for the BBC, MSNBC and TheGrio.com, and current on-air contributor to Arise News’ business show Xchange, has recently launched UrbanGeekz.com, a groundbreaking digital news platform dedicated to African-Americans and other underrepresented minorities in technology, science and business. The site offers reviews, interviews, commentary, and original video on startups, geek gadgets, social media, scientific advancements, entrepreneurship and insight into Silicon Valley and the global technology industry. The cutting-edge online publication also provides authoritative lifestyle and entertainment content.
Headquartered in Atlanta, Georgia, UrbanGeekz.com, live only since February 9th of this year, has already partnered with telecom giant AT&T and Black Enterprise Magazine to provide content to and about the underserved communities in the tech space. The website also has created a much-needed outlet for dialogue on the most pressing and relevant issues in STEM-related fields: conversations surrounding the preparedness of students to pursue STEM careers, the lack of diversity in the STEM workforce and challenges facing minorities in the tech start-up scene.
Tinuoye, whose parents immigrated to the United Kingdom from Nigeria, was born, raised and educated in London.  She graduated from Cambridge University with bachelor’s and master’s degrees in Social and Political Sciences and later received a post-graduate diploma in print journalism. She is also an NCTJ qualified UK professional journalist.
Tinuoye began her career writing for the prestigious London newspaper, the Evening Standard.  After stints there and with the BBC, she immigrated to the United States, settling in Atlanta and working for TheGrio.com and MSNBC as a journalist and on-air contributor.
logo_v5-2Good Black News recently caught up with Tinuoye and got a chance to talk to this ambitious and intelligent entrepreneur about her journey, why she started UrbanGeekz, and her visions for African-Americans in tech in the near future:
Good Black News:  What initially attracted you to journalism?
Kunbi Tinuoye:  I’m a communicator – that’s just the core of my personality – I’m a people person.  I’ve worked across most platforms, from television to print journalism.  I enjoy every aspect of the media industry.
Which aspect of journalism do you like the most?
I started as a writer.  Knowing how to write and tell a story is really the core.  I say to aspiring journalists, “Make sure you learn how to write,” because once you can put together a well-crafted sentence and get to the crux of a story, then you’ve the ability to be a good journalist.
What made you decide to leave the United Kingdom for the United States?
Me and my husband came on holiday to Atlanta about seven years ago and we basically fell in love with the States.  One of my husband’s friends relocated here and was living a comfortable life.  Seeing how black  professionals live in America, particularly in Atlanta, where you have the ability to work your way up the corporate ladder… I think it was that, the lifestyle and I thought there would be more opportunities for me here.
Do you prefer it here in America?
I absolutely love Atlanta. I feel like I found home. It feels like where I’m meant to be.
Do you have a different perspective on black issues in America being from a different country?
I probably do have a different perspective. For me, coming as an immigrant I feel that, and maybe specifically to Atlanta, which I think is a great place for black professionals, for me there seems to be a phenomenal amount of opportunity, but that’s from my perspective. I know race is a huge issue in America, I’m very aware of that – in London there’s racism as well – maybe at a slightly different level, but of course I’m aware of injustice and all of the issues going on, but at the same time I see America as the land of opportunity – that’s my perspective.
Your experience has spanned three countries – Nigeria through your parents, England and the United States.  How do you identify?
K:  What can I say… being Nigerian is very important to me, so I would identify as a British Nigerian.  I’ve been in the States four years, and now it’s like home.
Why did you start UrbanGeekz?
I was at the Grio for close to four years and it was a phenomenal job. But I felt there was a gap in the market. There wasn’t a minority-led news platform tackling issues related to STEM and the technology industry, which as you know is an important space that’s going to become even more significant in the coming years.  The other reason that sparked me to launch UrbanGeekz was when the big tech companies, such as Facebook and Google, released their diversity stats and showed dismal numbers of African-Americans and women. I think that and the combination of just thinking we’re not covering these stories was the impetus.
Who do you consider your competition in the digital tech space?
I’ve got a huge vision for UrbanGeekz.  I want the platform to compete with the big players like TechCrunch  and the African-American and even the Latino digital news outlets as well.  They aren’t my competition now because we’ve just started, but I hope to be at the same level further down the line.
What do you see as the near future for blacks and people of color in tech and science?
There’s been so much conversation about this right now.  It’s a hot topic.  Some of the big firms, including Intel and Apple, have made major announcements within the last year, [earmarking] money for underserved minorities and women. So I feel and I hope that people of color – and I say “people of color” because UrbanGeekz is a multi-cultural website – African-Americans of course, but I do want to include Latino market at some point and even Africans and Afro-Latinos as well – my hope is that particularly with the current discussion, people of color will become more and more involved in STEM and the tech space. Technology is important and when you look at the high-demand jobs of the future, many require STEM or tech skills.  Underserved minorities and women need to have this skill set to level the playing field.
Are East Indians and Asians thought of as “people of color” in tech?
They are doing much better in tech. UrbanGeekz is for underrepresented communities in the technology industry.
Do you think there is enough awareness around disparity in the tech industry?
Before those diversity statistics were publicly released there wasn’t too much focus on the giant tech companies. But people like Reverend Jesse Jackson have been vocal and continued to put the spotlight on the lack of diversity in Silicon Valley. Now the issue is a hot topic. It’s also about what kind of skills and jobs that will be in demand in the future. STEM skills are vital for career progression and the continued growth of the U.S. economy. These companies are the new Fortune 500 companies, the new GM [General Motors] or U.S. Steel.


Further down the line, Tinuoye and UrbanGeekz will be launching the UrbanGeekz 100, an annual list of underrepresented minorities making strides in science and technology.  The handpicked list will culminate with an on-site exclusive awards gala honoring these dynamic leaders and influencers of color who have achieved success in their prospective industries.
To check out the website, go to UrbanGeekz.com. On social media, find UrbanGeekz at: Twitter: @UrbanGkz, Facebook: http://www.facebook.com/urbangeekz, Instagram: @UrbanGkz, Pinterest: https://www.pinterest.com/urbangeekzcom/  Google Plus: http://google.com/+Urbangeekz, and YouTube: http://youtube.com/c/Urbangeekz.

Lori Lakin Hutcherson, GBN Founder/Editor-In-Chief
article by Lori Lakin Hutcherson, GBN Founder/Editor-In-Chief

Google Commits $150 million in 2015 to Diversify Tech

Google diversity doodle (via Google.com)
Google diversity doodle (via Google.com)

The Mountain View, Calif., tech giant Google is trying to get more women and minorities into technology with an ambitious $150 million plan. Google told CNNMoney half that money will go to outside organizations and communities, while the other half will be used internally to make Google more inclusive.

In a blog post this week, VP of People Operations Nancy Lee laid out the company’s strategy for 2015. It follows earlier public efforts by Google (GOOG) to increase diversity, including sending Google engineers to historically black universities and and working with Disney (DIS) to improve depictions of girls in computer science. In 2014, the company put $114 million toward diversity programs.
The company is also expanding where it looks for fresh talent by recruiting at a wider variety of colleges. The lack of diversity in tech goes deeper than just the HR department. As was highlighted in the Ellen Pao gender discrimination trial, company culture is also key to keeping and encouraging a diverse workforce. Google is offering more internal training and workshops on unconscious bias, and employees can use part of their time to work on diversity initiatives.
It’s also looking at the root of the problem, expanding computer science education for kids and pushing to get under-served communities online.
The company still has a lot of work to do. According to the diversity report it released last year, only 17% of its tech workers are female, 1% of its tech workforce is black and 2% are Hispanic. In the blog post, Lee said Google plans to release 2015 diversity numbers soon.
In March, Google executive Eric Schmidt was called out during a panel on diversity at SXSW for repeatedly interrupting Megan Smith, the chief technology officer of the U.S. and a former Googler. The audience member who pointed it out was Judith Williams, the manager of Google’s global diversity and talent programs.
It’s not the only company putting money into diversity. Apple has donated $50 million to organizations that will help more minorities and women get into tech. Intel is sinking $300 million into a program that expands STEM education to more diverse students.
article by

The Forbes Five: Hip-Hop's Wealthiest Artists in 2015

Last May, shortly after word began to spread that Dr. Dre had sold his eponymous headphone line to Apple, the superproducer made a proclamation: rap’s first billionaire was about to be crowned, and he hailed from Los Angeles.
“The first billionaire in hip-hop, right here on the [expletive] West Coast,” exclaimed Dre in a video clip that went viral almost instantly. But the deal, whose value was initially reported at $3.2 billion, ended up at an even $3 billion in cash. After taxes, Dre’s 25% stake left him with a $500 million windfall–$100 million more than FORBES estimated his stake to be worth last April–and a net worth of $700 million.
Amazingly enough, Dre is not the richest man in hip-hop; that honor goes to Diddy, who clocks in at $735 million. The news may come as a surprise to many, but while Dre’s wealth derived from a single jackpot idea, Diddy’s is the product of his interests in a slew of companies, a handful of which could one day give him a Beats-esque exit.
Diddy has a deal with Diageo’s Ciroc vodka that guarantees him a split of the proceeds if the brand is ever sold, an event that would surely land him a nine-figure check. He also owns a controlling stake, or close to it, in clothing lines Sean John and Enyce, alkaline water brand Aquahydrate, new tequila DeLeon and multimedia network Revolt. Diddy founded the latter as a sort of next generation MTV with a renewed focus on music.
“Revolt got built out of the frustration Sean was having with music media being able to get his albums out there,” says Revolt chief executive Keith Clinkscales. “Sean has been aggressive in being sure that we put the power of the platform in the hands of musicians to be able to create with fans in their authentic voice.”
2015 Top 5 Hip-Hop Artists By Wealth:

  1. Diddy        $730 Million
  2. Dr. Dre      $700 Million
  3. Jay Z        $550 Million
  4. 50 Cent    $155 Million
  5. Birdman   $150 Million

Diddy isn’t the only hip-hop mogul with that aim. Jay Z, who ranks third with a fortune of $550 million, purchased and relaunched Scandinavian streaming service Tidal this year with promises of creating an artist-owned Spotify competitor set apart by exclusive content.
Though the star-studded rollout struck some as tonedeaf—prompting a flurry of rich-getting-richer criticism, and perhaps a change in strategy for Jay Z—Tidal is still early in its life as a company, and may yet prove to be an increasingly valuable asset to Jay Z and to the whole industry.
“It’s alerting people that streaming is a viable option for them to listen to music,” says Jay Frank, chief of digital marketing outfit DigMark, of Tidal. “The more that we have positive conversations on that, the more opposition we have to grow the business.”
50 Cent and Birdman round out the list of five, with fortunes of $155 million and $150 million, respectively. The latter’s total dipped slightly due to uncertainty surrounding Cash Money Records, by far his biggest asset, which has been dogged by rumors of the departure of big acts including superstar Lil Wayne.

Apple Commits More Than $50 million to Diversity Efforts

A flashy new smart watch isn’t all Apple has up its sleeve. The company is donating more than $50 million to organizations that aim to get more women, minorities, and veterans working in tech.
In an exclusive interview with Fortune, Apple’s human resources chief Denise Young Smith said the company is partnering with several non-profit organizations on a multi-year, multi-million-dollar effort to increase the pipeline of women, minorities, and veterans in the technology industry—and, of course, at Apple.
“We wanted to create opportunities for minority candidates to get their first job at Apple,” said Young Smith, who took over as its head of HR a little over a year ago. (Before her current role, the longtime Apple exec spent a decade running recruiting for the retail side of the business.) “There is tremendous upside to that and we are dogged about the fact that we can’t innovate without being diverse and inclusive.”
Young Smith likes to say that diversity extends race and gender—Apple wants its employee base to also reflect different lifestyles and sexual orientations. (Last fall, CEO Tim Cook publicly acknowledged that he is gay—the first Fortune500 chief executive to do so while holding the title.) But, at least for now, its diversity initiatives are mostly focused on expanding its pipeline of women and minorities.
To that end, the company is partnering with the Thurgood Marshall College Fund, a non-profit that supports students enrolled in public, historically black colleges and universities (known as HBCUs). These schools include North Carolina A&T State University, Howard University, and Grambling State University (where Young Smith earned a bachelor’s degree in communications and journalism in 1978). All told, there are 100 HBCUs across the country—47 of them are considered public—and collectively they graduate nearly 20% of African-Americans who earn undergraduate degrees.
“Historically, other organizations have provided scholarship dollars or focused on whatever area matters most to them,” says Johnny Taylor, president and CEO of the Thurgood Marshall College Fund. “What differentiates this partnership with Apple is that it hits on everything that we do—it is the most comprehensive program ever offered to an HBCU organization.”

It's Official: Apple Adds Dr. Dre With $3 Billion Beats Deal

dre1
Rap is coming to Cupertino in a big way.
After weeks of rumor, Apple finally announced it has acquired headphone maker Beats Electronic for $3 billion, including $2.6 billion cash up front and approximately $400 million in stock that will vest over time. As part of the deal, Beats co-founders Dr. Dre and Jimmy Iovine will join Apple (AAPL -0.26%) in undisclosed roles.
“Music is such an important part of all of our lives and holds a special place within our hearts at Apple,” CEO Tim Cook said in a statement. “That’s why we have kept investing in music and are bringing together these extraordinary teams so we can continue to create the most innovative music products and services in the world.”
RELATED: Dr. Dre, Jimmy Iovine Donate $70M for New Arts and Technology Center at USC
This acquisition is Apple’s biggest ever, and largest since it brought back Steve Jobs in 1997 though a $400 million purchase of NeXT. However, the $3 billion price is still just a tiny fraction of the company’s $150 billion cash reserves, and Beats’ estimated annual sales of $2 billion represents barely over 1% of Apple’s $171 billion revenue last year.