10 Updates

Report: Apple 'Closing In' On Dr. Dre's Beats For $3.2 Billion

May 8 2014, 6:01pm CDT | by

Could “Beats By Dre” soon be “Beats By Apple”? That’s what  Matthew Garrahan and Tim Bradshaw of the Financial Times are reporting : Apple is “closing in” on what would be its largest ever...

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11 weeks ago

Report: Apple 'Closing In' On Dr. Dre's Beats For $3.2 Billion

May 8 2014, 6:01pm CDT | by

Could “Beats By Dre” soon be “Beats By Apple”?

That’s what  Matthew Garrahan and Tim Bradshaw of the Financial Times are reporting : Apple is “closing in” on what would be its largest ever acquisition, a potential $3.2 billion purchase of Beats Electronics.

Beats is primarily known as the popular high-end headphone maker founded in 2008 by rapper-turned-businessman Dr. Dre  (perennial member of Forbes’ Cash Kings list ) and music producer Jimmy Iovine. The company also operates a new streaming music service.

Forbes had previously estimated that the founders each owned approximately 25% of the company, but there have been a number of transactions in the last year, with former majority owner HTC backing out and private equity firm Carlyle Group investing as a minority partner. Beats also reportedly raised $60 million in funding from, among others, billionaires Len Blavatnik , Marc Rowan , James Packer , and Lee Bass .

Most recently, Forbes estimated the value of Beats at about $2 billion , but Apple would appear to be paying well above that if the acquisition goes through.

Unlike some of its Silicon Valley peers, Apple is not known for making big acquisitions, so such a deal would be a marked departure in style for CEO Tim Cook. But it could be a way to start using Apple’s massive hoard of cash or attempt to shore up the company’s large but slowing iTunes music sales business. $3.2 billion would be the same price Google paid for high-end thermostat maker Nest Labs in January.

The Financial Times reports that a deal could be announced as early as next week, although terms are not final.

Apple shares are down slightly in after hours trading. Recently, the stock has been trading at its highest price since October 2012 .

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Update
10

6 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

Cambodia's Famous Battambang Circus
KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan Rakyat was t ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
9

6 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

Hawthorn Hawks Training Session
KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was broken into by robb ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
8

6 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

Federal Aviation Administration Bans All US Flights To Israel
KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected by the Dewan Raky ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
7

6 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Mini ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

6 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

INDIA-CHINA-DIPLOMACY-TRADE
PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in the southern states last mont ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

6 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

Government Weekly Cabinet Meeting
KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 million in c ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

6 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Minister Datuk Seri Must ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

7 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

Iskandar Johor Open - Previews
JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving a ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

7 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

EurAsia Cup presented by DRB-HICOM - Day One
PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Bazaar Sch ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

7 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinrara Damansara Skyway (Kidex) tod ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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