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Apple buys Dr Dre's Beats for $3bn

Apple on Wednesday confirmed its long-awaited deal to buy headphone-maker Beats Electronics for $3bn. With the purchase, the largest acquisition in its history, Apple is also bringing on a hip-hop artist and entrepreneur who recently bragged about the riches he hoped to score in the deal.
The $3billion purchase price includes Beats Music, the sister company that runs a subscription streaming music service. As part of the deal, Beats co-founders Dr. Dre and Jimmy Iovine will join Apple in undisclosed roles.

"Music is such an important part of all of our lives and holds a special place within our hearts at Apple,” CEO Tim Cook said in a statement released today. “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.”

This acquisition is Apple’s biggest and largest acquisition since the inception of the company. Apple made $171 billion revenue last year, while Beats made $2 billion. Post your Comments here!


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