Apple Inc. finally takes over Headphone maker Beats electronics for $3 billion, including $2.6 billion cash up front and approximately $400 million in stock that will vest over time. The deal also includes Beats co-founders Dr. Dre and Jimmy Iovine to join Apple Inc. in undisclosed roles.
Beats is primarily known as the popular high-end headphone maker founded in 2008 by rapper-turned-businessman Dr. Dre (perennial member of Forbes’ Cash Kings list) and music producer Jimmy Iovine. The company also operates a new streaming music service.
“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. “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 ever, and largest since it brought back Steve Jobs in 1997 though a $400 million purchase of NeXT. The $3 billion purchase price includes Beats Music, the sister company that runs a subscription streaming music service.
– By Anand Thakkar
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