You knew it was coming, but now it’s official. Apple just made the announcement that it has agreed to acquire Beats Music and Beats Electronics. Co-founders Jimmy Iovine and Dr. Dre will be joining the company. The price is approximately $2.6 billion and approximately $400 million that will vest over time.
“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 Beats co-founder 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.”
I think we’ve already heard how Dre feels about it.
The acquisition is subject to regulatory approval of course.
Image via BeatsByDre.com