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Tag: money (1-2 of 2)

Apple announces $3B acquisition of Beats Music and Beats Electronics

Guess who’s getting his money right?

After weeks of rumors, Apple has finally come clean with the announcement that it will acquire Beats headphones manufacturer Beats Electronics, as well as “the critically acclaimed subscription streaming music service Beats Music,” for a total of about $3 billion, making this Apple’s largest takeover deal ever. And no, the company didn’t forget about Dre: Both Beats cofounders, Jimmy Iovine and Dr. Dre, will join the tech giant as a result of the sale.

“I’ve always known in my heart that Beats belonged with Apple,” said Jimmy Iovine. “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.” (You’ll have to read between the lines to find the dollar signs.) READ FULL STORY

Lady Gaga's mom defends charges that Born This Way charity spent millions on overhead and donated only $5,000

Cynthia Germanotta has gone on the record about reports that daughter Lady Gaga’s foundation has spent millions on expenses like its website and publicity instead of charity grants, insisting that the Born This Way Foundation “carries out its work directly.”

“It is important for us to set the record straight regarding Born This Way Foundation’s mission and how the organization allocates its funds. … First and foremost, we are an organization that conducts our charitable activity directly, and we fund our own work,” wrote foundation co-founder and president Germanotta in an op-ed published March 12 by the Huffington Post. “We are not a grant-maker that funds the work of other charities, and were never intended to be.”

The defensive op-ed comes just days after wrote a scathing article about the foundation’s spending, revealing that the foundation spent just $5,000 of its $2.1 million in net assets. READ FULL STORY

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