Apple confirms $3 billion Beats Electronics purchase

28 May 2014, 22:19 | Written by Robby Ritacco

(News)

(Technology)

In case the video of Dr Dre’s celebration wasn’t proof enough, Apple’s acquisition of Beats Electronics is officially confirmed with a purchase price of $3 billion (just beneath the speculated 3.2 billion), their largest acquisition to date.

As The New York Times reports, the deal is expected for approval later on in 2014, at which time Beats’ co-founders Dr. Dre and Jimmy Iovine will begin working under Apple’s Internet Services exec Eddy Cue. As a brand, Beats will continue to exist separate from Apple, which will continue both the iTunes and Beats music streaming services.

Iovine confirmed the deal via a post on Beats’ blog, stating “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.”