Apple Buys Beats for $3 Billion
After weeks of speculation technology giant Apple has confirmed the purchase of Dr. Dre’s Beats Electronics for $3 billion. Famed for their popular headphones as well as their music streaming service the acquisition was announced yesterday by Apple and Beats executives who revealed the companies will be working together to give music listeners more options while Apple will offer the Beats headphones and streaming service.
Whilst now owned by Apple, the companies were keen to stress that the businesses will remain separate although the deal will see Dre and co-founder Jimmy Lovine working under Apple’s executive of internet services, Eddy Cue.
Apple’s biggest ever purchase at a cost of $3.2 billion it’s fair to say we’re more than a little interested into what the acquisition means for both companies in the months to come. Watch this space.