Apple’s negotiations to acquire headphones maker Beats together with its music streaming operation have come to a conclusion with Apple investing $3bn (£1.8bn) to buy the business.
As part of the deal that will see Beats Music and Beats Electronics becoming part of the technology giant, the company’s co-founders Jimmy Iovine and Dr. Dre will also join Apple.
“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.”
The agreed sum consists of a purchase price of approximately $2.6bn and approximately $400m that Apple will vest over time.
“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.”
Naturally, E&T was all over this Apple-Beats story earlier, so the full tale is regaled on our website.
Personally, we love Iovine for having produced Tom Petty and the Heartbreakers’ “Damn The Torpedoes” album, so anything he does now is fine by us. Nice work, Jim! It’s just the normal noises in here!
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