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Apple to buy Beats Music, Beats Electronics

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Staff writer ▼ | May 29, 2014
Apple has agreed to acquire the subscription streaming music service Beats Music, and Beats Electronics.
Beats Music
Beats MusicApple has agreed to acquire the subscription streaming music service Beats Music, and Beats Electronics.


As part of the acquisition, Beats co-founders Jimmy Iovine and Dr. Dre will join Apple. Apple is acquiring the two companies for a total of $3 billion, consisting of a purchase price of approximately $2.6 billion and approximately $400 million that will vest over time.

Mr. Iovine has been a partner for Apple and iTunes for more than a decade. He has produced or collaborated with some of the most successful artists in the history of the iTunes Store.

Subject to regulatory approvals, Apple expects the transaction to close in fiscal Q4.

Formally established in 2008 as the brainchild of legendary artist and producer Dr. Dre and Chairman of Interscope Geffen A&M Records Jimmy Iovine, Beats Electronics (Beats) comprises the Beats by Dr. Dre family of headphones, earphones, and speakers as well as patented Beats Audio software technology and streaming music subscription service Beats Music.


 

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