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Apple confirms acquisition of Dr.Dre's Beats for $3 billion

Apple confirms acquisition of Dr.Dre's Beats for $3 billion

Cha-ching!

Image: After Math Music

After weeks of rumours, the California tech company has confirmed that it will be buying the headphone manufacturer and music-streaming service Beats Electronics by Dr Dre and Jimmy Iovine

The deal was confirmed this morning, making it Apple's largest acquisition in its history at $3 billion. As part of the deal, Beats co-founders Jimmy Iovine and Dr. Dre will also join the technology firm.

"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," Jimmy Iovine stated, adding that "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."

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