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Apple officially acquires Beats Music and Beats Electronics for $3 Billion

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Published On May 29, 2014 By Syamanth Sreejith
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Today, the rumored and reported news from the past is finally official from the American multinational corporation, Apple. The company has made their acquisition over Beats Music and their Electronics department, including their popular Beats headphones, speakers and audio software to inks and papers, as moments back the firm has issued a Press Release with information sanctioning their new purchase for the public.

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

 The fresh deal will be in Billions, as reported in our previous Beats article, where today Apple will pay Beats Electronics and Beats Music services an amount of 3 Billion United States Dollars, with a purchasing cash of approximately 2.6 Billion USD and remaining $400 Million is said to vest over times.

 Following this acquisition, Beats's Founders and Rapper and and Hip-Hop producer Andre "Dr. Dre" Young and Interscope-Geffen-A&M Records Chairman, Jimmy Iovine will be shifting their offices from Santa Monica, California to Apple's headquarters in, Cupertino, California, United States, as their firm's new executives. And as written in the past, this deal also makes Andre "Dr. Dre" Young, the world's first Billionaire Hip-Hop producer.

 "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," quoted Jimmy Iovine.

 Lastly, this is what Apple's Senior Vice President of Internet Software and Services, Eddy Cue made a note on, "Music is such an important part of Apple’s DNA and always will be. The addition of Beats will make our 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."

 Source: Apple
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About author: Syamanth Sreejith

Syamanth is the Founder, Co-Owner Senior News Writer at THE PHONES GUIDE. He is a full-time media communications correspondent and mobile technology news writer and blogger, currently in charge of THE PHONES GUIDE, THE PHONES GUIDE BLOG and THE PHONES GUIDE on Medium.

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