Done deal. Apple has confirmed a whopping $3 billion deal to purchase Beats Electronics and Beats Music following weeks of speculation.
Beats’ co-founders Dr. Dre and Jimmy Iovine are set to join Apple following the deal, with the tech giant agreeing to pay $2.6 billion for purchase as well as an additional $400 million over time.
“Music is such an important part of all of our lives and holds a special place within our hearts at Apple,” said Apple CEO Tim Cook.
“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.”
Iovine added: “I’ve always known in my heart that Beats belonged with Apple. 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.”
Apple will now have control over Beats Electronics’ headphones and speakers branding, as well as their music streaming service.
