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Confirmed: Apple Acquires Beats for $3 Billion, Dr. Dre & Jimmy Iovine Joining the Company

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What started out as speculation, has now been made official. Apple announced today they’ve officially acquired Beats By Dre for an astounding $3 Billion. That final sale price is $2.6 Billion in Cash, and $400 Million in stock. The acquisition is the largest in Apple’s history, and is the biggest move made by CEO Tim Cook since taking over shortly before Steve Jobs’ death.

Iovine and Dr. Dre will also be joining the company as full time employees. Both will report to iTunes head Eddy Cue. Of course Apple has been questioned as to why they sought after the electronics company and didnt just build their own service. To that Cook says:

“You don’t build everything yourself. It’s not one thing that excites us here. It’s the people. It’s the service.”

Cook goes on to promise new features for Beats that will “blow your mind.” Adding that they plan to take music to an even higher level.

“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.”

“I’ve always known in my heart that Beats belonged with Apple,” said Jimmy Iovine. “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.”

via New York Times