Variety is reporting that longtime friends and business partners Jimmy Iovine and Dr. Dre could earn themselves a hefty payout later this year when their Apple stock vests. Iovine and Dre, who founded Beats Electronics together in 2008, were paid $3 billion for the company by Apple. $400 million of that was in stock, while the other $2.6 billion was in cash. With the 19% rise over three-and-a-quarter years, Variety predicts the stock would be worth around $700 million today. A sum that the two would most likely split in half.
If Iovine exits, he could sell their shares in exchange for the estimated figure. Iovine helped establish the launch of Apple Music in 2015, which has been incredibly successful for the company. The streaming service currently has over 30 million subscribers, and thanks to Iovine's contributions, he may remain in a consulting role.
If Iovine exits Apple, they could risk losing one of the driving forces of their continued success in the music field. “When Apple lost Steve Jobs they needed a creative dynamo to fill his shoes, someone with his passion and insight in the industry to fill that tough spot, and very few were up to that task. Jimmy is one of the few,” explained chairman and CEO of Barron International Group Lisbeth Barron.
Dre took on an unspecified role in the company when Apple's purchase of Beats closed in 2014, although it's unclear if he's looking to exit. Recently, it was rumored that Apple is interested in buying Netflix, with Citi analysts predicted a "40 percent chance" of a buyout, and with their continued interest in original programming, it would make sense.
