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© beats by dre Business | May 30, 2014

Apple gets Beats for USD 3 billion

Apple has agreed to acquire the subscription streaming music service Beats Music and headphone maker Beats Electronics. As part of the acquisition, Beats co-founders Jimmy Iovine and Dr. Dre will join Apple.
Apple is acquiring the two companies 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.

Subject to regulatory approvals, Apple expects the transaction to close in fiscal Q4.

And now for some catchy quotes from corporate

“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,” said 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.”

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February 08 2018 5:15 pm V9.2.4-1