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Apple confirmed on Wednesday that it will buy Beats Electronics and Beats Music for $3 billion.
Apple is buying the two companies for a purchase price of about $2.6 billion and approximately $400 million that will vest over time. Beats cofounders Jimmy Iovine and Dr. Dre will join Apple. Rumors of the acquisition surfaced earlier this month.
“Music is such an important part of all of our lives and holds a special place within our hearts at Apple,” Tim Cook, Apple’s CEO, said in a statement. “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.” Read more...
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