Apple ratifies deal to buy Beats Electronics for $3bn

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

 

Apple is set to acquire Beat's music streaming service as well as the audio equipment arm, which will its biggest ever deal so far. The deal which is worth $2.6bn in cash and around $400m in Apple shares will see co-founders of the brand, music producer Jimmy Lovine and rapper Dr Drejoining Apple.The announcement comes nearly three weeks after the negotiations of the deal were leaked to the media.

"Music is such an important part of all of our lives and holds a special place within our hearts at Apple," said Apple's Chief Executive, Tim Cook, 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.” Established in 2008 by both Dre and Iovine, Beats Electronics has worked in collaboration with music superstars such as Lady Gaga, Lil Wayne and Nicki Minaj and creates headphones, earphones, and speakers as well as patented Beats Audio software technology and streaming music subscription service Beats Music.

“I’ve always known in my heart that Beats belonged with Apple,” said Lovine. “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......See More