After a few weeks of rumours, the Beats acquisition by Apple has finally been confirmed for 3 billion US dollars. For that Apple will acquire Beats Music and Beats Electronics, paying up $2.6 billion up front, and then investing $400 million over time.
The company also revealed that the Beats co-founders, Jimmy Lovine and Dr Dre will join Apple after the deal has completed.
“Music is such an important part of all of our lives and holds a special place within our hearts at Apple,” said Tim Cook, Apple’s CEO. “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.”
“I’ve always known in my heart that Beats belonged with Apple,” said Jimmy Lovine. “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.”
Apple also talked about the popularity of the Beats headphones in their press release, linking to their continued support in the brand, which we expect to see more of during the next few months, maybe even some announcements at WWDC 14?
Image Credit Dr Dre / Twitter