Apple Buys Dr. Dre’s Beats for $3 Billion
After weeks of speculation synonymous with any potential big news involving Apple, the iPhone maker has officially acquired Beats Music 
and Beats Electronics for $3 billion. As part of the deal, hip-hop legend Dr. Dre and music industry mogul Jimmy Iovine – the Co-Founders of Beats – will join the Apple team. Their roles have yet to be specified.
The deal is expected to close by the end of September.
“I’ve always known in my heart that Beats belonged with Apple,” said Jimmy Iovine in a statement released by 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.”
Beats formally launched in 2008 and has gone on to become as much a pop culture touchstone as it has an audio company. Celebrities like LeBron James, Lady Gaga, and Eminem are just some of the famous faces to have embraced the ‘b’ logoed headphones.
Let’s not forget about the company’s foray into earphones, portable speakers, as well as a subscription streaming music service that many believe is the primary reason why Apple wanted to bring Beats under its umbrella.
“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.”
-Adam Grant
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