The fans of Dr.Dre can relax now......
Apple
Electronics announced yesterday that it has acquired Dr Dre's Beats Electronics
for $3billion. According to Forbes, Apple paid
$2.6billion cash upfront and gave $400million in stock that will vest over
time.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.
1 comment:
About time
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