He has produced or collaborated with some of the most successful artists in the history of the iTunes Store®, helping make it the world's number one music retailer. Iovine has been at the forefront of innovation in the music industry for decades, and he has been an instrumental partner for Apple and iTunes® for more than a decade. Apple's deep commitment to music fans, artists, songwriters and the music industry is something special.' 'The idea when we started the company was inspired by Apple's unmatched ability to marry culture and technology. 'I've always known in my heart that Beats belonged with Apple,' said Jimmy Iovine. 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. As part of the acquisition, Beats co-founders Jimmy Iovine and Dr. The Cupertino company expects to finalize the deal by the end of its fiscal year, which closes on September 28, 2014.Īpple to Acquire Beats Music & Beats ElectronicsĪpple® today announced it has agreed to acquire the critically acclaimed subscription streaming music service Beats Music, and Beats Electronics, which makes the popular Beats headphones, speakers and audio software.

'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.'Īpple will preserve the Beats brand, continuing to operate the Beats Music streaming service as well as selling Beats-branded hardware in Apple and other retail channels. '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.

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