It's Official: Apple Adds Dr. Dre With $3 Billion Beats Deal
Rap is coming to Cupertino in a big way.
After weeks of rumor, Apple finally announced it has acquired headphone maker Beats Electronic for $3 billion, including $2.6 billion up front and approximately $400 million that will vest over time. As part of the deal, Beats co-founders Dr. Dre and Jimmy Iovine will join Apple in undisclosed roles.
'Music is such an important part of all of our lives and holds a special place within our hearts at Apple,' CEO Tim Cook 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.'
'I've always known in my heart that Beats belonged with Apple,' Iovine said. '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.'
The $3 billion purchase price includes Beats Music, the sister company that runs a subscription streaming music service.
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