The gigantic king-sized technology company Apple welcomes Beats Music and Beats Electronics to the Apple family. A couple of months after Apple announced its plan to have Dr. Dre’s music streaming interest and headphone, the company officially made an announcement on Friday.
Apple created a separate page welcoming the company. Apple wrote “Music has always held a special place in our hearts, and we’re thrilled to join forces with a group of people who love it as much as we do”. The statement added ” Beats cofounders Jimmy Iovine and Dr. Dre have created beautiful products that have helped millions of people deepen their connection to music. We’re delighted to be working with the team to elevate that experience even further. And we can’t wait to hear what’s next”.
A deal worth $3 billion(with $2.6 billion in cash and $400 million in stock) finalized the deal, which includes the popular audio devices and streaming services of Beats into Apple’s fold. Both the companies have issued a statement celebrating this joint venture. While the acquisition might not seem to be enticing for Beats employees as Apple has confirmed on Thursday that it will cut off 30% of Beats workforce(200 jobs), primary in roles already covered by Apple.
Apple initially made the announcement of this union in May. Aside from the interest on Beats Electronics, Apple executives have earlier mentioned that they are also considering getting the streaming services of Beats(Beats Music). The deal was closed quickly, with no surprise.The deal has also immediately received the approval of the European Union earlier this week. The regulators said that no competitive issue is expected to rise out of this momentous deal.
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