Apple has bought Beats Music and Beats Electronics for a combined $3.2 billion in a bid to boost to its streaming business. The deal is Apple’s largest acquistion to date.
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.
Beats co-founders Jimmy Iovine and Dr. Dre will join Apple as part of the deal, which is subject to regulatory approval.
Apple chief executive, Tim Cook, said music held a special place at Apple: “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.”
Apple senior vice president of internet software and services Eddy Cue, said the addition of Beats would make the companies music lineup even better
“From free streaming with iTunes Radio to a world-class subscription service in Beats, and of course buying music from the iTunes Store as customers have loved to do for years.”
Beats was founded in 2008 by producer Dr. Dre and Chairman of Interscope Geffen A&M Records, Jimmy Iovine,
Beats Electronics (Beats) comprises the Beats by Dr. Dre family of premium consumer headphones, earphones, and speakers as well as patented Beats Audio software technology and streaming service Beats Music, which has roughly 250,000 subscribers.
Arnet
Subscribers 0
Fans 0
Followers 0
Followers