Apple Buys Beats Electronics For $3 Billion
After weeks of speculation and rumors, it's official. Apple has acquired Dr. Dre's Beats Electronics brand for a reported $3 billion. The deal was first reported to be $3.2 billion, but apparently, the negotiations weren't finished.
According to Beats, co-founders Jimmy Iovine and Dr. Dre will join Apple, which acquires both Beats Music and Beats Electronics for a total of $3 billion, consisting of a purchase price of "approximately $2.6 billion and approximately $400 million that will vest over time."
"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."
"I've always known in my heart that Beats belonged with Apple," adds 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."