It's official: Apple to acquire Beats Music & Beats Electronics for $3 billion

It's official: Apple to acquire Beats Music & Beats Electronics for $3 billion
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In a press release Apple has confirmed that it is to purchase Beats Music & Beats Electronics for $3 billion, consisting of a purcahse price of $2.6 billion and $400 million that will vest over time. As part of the deal, Beats co-founders Jimmy Iovine and Dr. Dre will join Apple.“Music is such an important part of all of our lives and holds a special place within our hearts at Apple,” said Tim Cook, Apple’s CEO. “That’s why we have kept investing in music and are bringing together these extraordinary teams so we can continue to create the most innovative music products and services in the world.”

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“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.”