POPSUGAR Tech

Congrats, Dre: Apple Is, in Fact, Buying Beats Electronics

May 28 2014 - 5:35pm

It's official — Apple confirmed its intent to acquire Beats Music and Beats Electronics [1] for $3 billion in a statement released today. A couple of weeks ago, Tyrese Gibson celebrated the big buy a little prematurely [2], but as of today, the acquisition has been validated by Apple!

Since the launch of the iTunes Store, Apple has been a major player in the digital music space — but is now playing catch-up with streaming music services like Spotify and Rdio. Beats' relatively new Beats Music [3] platform will certainly help that effort. Apple is acquiring the Beats Music service and the Beats Electronics, the maker of the popular audio hardware products, for a total of $3 billion, consisting of $2.6 billion in cash and $400 million in Apple stock.

Apple executive Eddy Cue said, "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." Congrats, Dre!


Source URL
http://www.geeksugar.com/tech/Apple-Buys-Beats-34873403