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Archive for May 28th, 2014

It’s official: Apple to buy Beats Electronics for $3 billion

Apple officially buys Beats Electronics for $3 billion

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Apple Inc. will officially pay $3 billion to buy Beats Electronics, the headphone and music-streaming service founded by West Coast rapper Dr. Dre and music executive Jimmy Iovine. (From left: Iovine, Apple CEO Tim Cook, Dr. Dre and Apple SVP Eddy Cue.)

Editor in Chief- Silicon Valley Business Journal

Apple Inc. will officially pay $3 billion to buy Beats Electronics, the headphone and music-streaming service founded by West Coast rapper Dr. Dre and music executive Jimmy Iovine, Re/code reported.

The price comes in $200 million lower than the number initially reported on May 8.

Beats gives Cupertino-based Apple a head start in product development and brings “incredible people, kindred spirits” into Apple’s fold, Re/code quoted Apple CEO Tim Cook as saying.

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