After a few weeks of rumours, Apple has confirmed that it’s acquiring Beats Electronics - the audio company founded by music mogul Jimmy Iovine and rapper-turned-producer Dr Dre - along with the Beats Music streaming service. The total deal is worth around $3 billion and is expected to be completed by the end of the year.
As part of the agreement, Jimmy Iovine and Dr Dre will be joining Apple.
Jimmy Iovine said “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.”
Beats Electronics, which includes the ‘Beats by Dr. Dre’ family of consumer audio equipment as well as Beats Audio software, was founded in 2008. Mobile manufacturer HTC invested in Beats three years ago, selling part of its share in 2012 and the remainder last year.