Dr. Dre's Beats Electronics Sale Nets LeBron James Multi-Million Dollar Payout
LeBron James made tens of millions of dollars in cash and stock upon Beats Electronics' sale to Apple.
LeBron James made more than $30 million in cash and stock when Apple purchased Dr. Dre and Jimmy Iovine’s Beats Electronics for $3 billion last month, according to Business Insider.
The story says the Miami Heat forward has owned a stake in the company since 2008.
Iovine said in a statement last month that the Beats alliance with Apple is fitting.
“I’ve always known in my heart that Beats belonged with Apple,” Jimmy Iovine said at the time. “The idea when we started the company was inspired by Apple’s unmatched ability to marry culture and technology. Apple’s deep commitment to music fans, artists, songwriters and the music industry is something special.”
A Beats Electronics commercial featuring James is as follows, as is a clip of him giving Heat players a pair of his Beats headphones.