Apple has announced the acquisition of Beats Music and Electronics, the streaming service and headphones manufacturer co- founded by hip-hop legend Dr. Dre and record exec Jimmy Iovine.
As part of the long-awaited $3 billion deal, with an up-front payment of $2.6 billion and $400,000 invested “over time”, Dre and Iovine will join Apple.
“I’ve always known in my heart that Beats belonged with Apple,” Iovine said in a statement. “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.”
The purchase of Beats Music pushes Apple further into the streaming market currently dominated by Spotify, who last week announced that they had topped 10 million paid subscribers. Subject to regulatory approvals, Apple expects to complete the deal in the fourth quarter of their fiscal year.
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