Apple Confirms $3 Billion Deal To Buy Beats Music And Electronics

Apple has confirmed a $3 billion deal to buy Beats Electronics and Beats Music.

The tech giant's deal with Beats Electronics comes after weeks of speculation, and will see the company's co-founders Dr Dre and Jimmy Iovine join Apple.

Tim Cook Dr Dre Beats Electronics Twitter picture ©  Twitter/@tim_cook
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Apple has agreed to pay $2.6 billion for the purchase price, as well as an additional $400 million over time.

"Music is such an important part of all of our lives and holds a special place within our hearts at Apple," Apple CEO Tim Cook said in a deal announcement.
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"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."

Iovine added: "I've always known in my heart that Beats belonged with Apple. 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."

Dr Dre sports Boston Red Sox-branded Beats headphones ©  WENN Nicolaus Czarnecki

This deal will give Apple control over Beats Electronics' popular headphones and speakers branding, in addition to Beats Music's streaming service.

Apple was first reported to be in talks to buy Beats in early May, although doubts arose when it was reported that executives were unhappy that the acquisition talks had leaked.

Beats Electronics was launched in 2006, and has since become an industry leader.

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