|Jimmy Iovine, Apple's Tim Cook, Dr. Dre, Apple's Eddy Cue|
The sale of Beats, co-founded by Jimmy Iovine and Dr. Dre, will form “a bridge between Apple and the music industry and help align their interests in getting behind subscription streaming in a big way,” according to Sony Music CEO Doug Morris.
“This is going to cause a lot of excitement and re-evaluation of record companies. It’s a rebirth of the record business,” said Morris, a good friend of Iovine, who first brought the music mogul’s Interscope label to Universal in the 1980s.
“I realized [Jimmy] is one of a few special people and gave him the opportunity, and that’s where Beats came from,” added Morris commenting on his friendship. “He’s now my richest friend.”
Iovine was one of the original supporters of Apple’s iTunes store and was friendly with the late Apple founder Steve Jobs.
The 61-year-old Iovine, who held a 25 percent stake in Beats, is now worth $970 million, according to Forbes. Dr. Dre is worth up to $800 million.
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