Wipe Rumors: It’s Official, Apple Buys Beats By Dr. Dre
Apple locks the deal for $3 billion, plus $2.6 billion cash forthright and nearly $400 million in stock that will vest over time.
As part of the purchase, Beats co-founders Jimmy Iovine and Dr Dre will join the Apple firm.
Beats was established by music producers Dr. Dre and Jimmy Iovine, an electronic well reckoned for its quality headphones.
The Beats co-founder Jimmy Iovine commenting on the deal, said: "I've always known in my heart that Beats belonged with Apple."
"Apple's deep commitment to music fans, artists, songwriters and the music industry is something special."