Dr. Dre
Dr. Dre sells his Beats company to Apple for billions. Shutterstock

Apple has officially purchased Dr. Dre's audio equipment and service company Beats for $3.2 billion making Dre the first hip-hop billionaire! As part of the deal, the recently revealed streaming service Beats Music would also join the Apple's iTunes division. Both services were competitors until now, but it would be interesting to see if Apple is going to merge them together.

The news came directly after the initial report hit the web that Apple was planning to acquire Beats.

The deal was accidentally confirmed by R&B singer and actor Tyrese Gibson, who announced the acquisition via Instagram. While no one has refuted last night's story that the deal is imminent, it is still being reported as close to happening.

This is Apple's largest acquisition recently and the company is hoping it will help its iTunes music service regain ground says GSM Arena.

According to a report by Nielsen SoundScan, album and individual track sales in Apple iTunes were down 13 percent and 11 percent, respectively, so there's certainly room for improvement.

Check out the celebration video below of Dr. Dre and Tyrese Gibson.

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