apple acquires beats music & beats electronics for $3 billion USD
image courtesy beats

 

 

 

for a total of $3 billion USD, apple has announced it has agreed to acquire beats music, the online subscription streaming music service, and beats electronics, the company responsible for beats headphones, speakers and audio software. as part of the deal, beats co-founders jimmy iovine and dr. dre will also join apple. the transaction consists of a purchase price of approximately $2.6 billion and approximately $400 million that will be paid out over time.

 

‘music is such an important part of apple’s DNA and always will be,’ said eddy cue, apple’s senior vice president of internet software and services.’the addition of beats will make our music lineup even better, from free streaming with iTunes radio to a world-class subscription service in beats, and of course buying music from the iTunes store as customers have loved to do for years.’ subject to regulatory approvals, apple expects the transaction to close by the end of the year.