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09/05/2014 04:45 BST | Updated 09/05/2014 07:59 BST

Beats-Apple Deal: Dr Dre 'Confirms' $3 Billion Acquisition On Facebook

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Dr Dre has reportedly 'confirmed' that Apple will acquire Beats Electronics in an earth-shaking $3 billion deal.

The widely rumoured news was all over the web this morning, but now appears to be a done deal.

The video, posted by grammy-nominated singer-songwriter Tyrese Gibson, shows Dre declaring himself “the first billionaire in hip-hop.”

Take a look:

Beats is best known for its chunky headphones, but it also runs a subscription-based music service which could also be of interest to Apple -- if not for the technology, at least for the leverage or deals with record labels.

The Financial Times was the first to report the potential deal, and said the companies are still deep in negotiations.

If the deal goes through it would represent a huge increase in the valuation of Beats, which received $500 million in investment capital last year on a valuation of just $1 billion.

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