Apple finally confirms $3 billion purchase of Beats

Apple finally confirms $3 billion purchase of Beats
Nearly two weeks after it was first reported, Apple has confirmed their acquisition of premium headphone and streaming music company Beats Electronics.

Both companies confirmed the synergies of a merger, which will include the Beats brand remaining separate from Apple's but with Apple selling the headphones and offering iTunes alongside the Beats streaming service.



Beats' head executives Jimmy Iovine and Dr. Dre will now work with Eddy Cue, Apple's head of Internet services. Beats was founded in 2006 by Iovine, the powerful music executive and Dre, the rapper and entrepreneur.

Apple CEO Tim Cook praised the talents of Dr. Dre and Iovine while also praising the new streaming service. "These guys are really unique," Mr. Cook said. "It's like finding the precise grain of sand on the beach. They're rare and very hard to find."

For the $3 billion, Apple is paying $2.6 billion in cash and $400 million in stock. Despite being Apple's largest acquisition of all-time, the purchasing price is barely a dent in the company's incredible $155 billion cash hoard.

Source:
NYT


Written by: Andre Yoskowitz @ 28 May 2014 21:44
Tags
Apple acquisitions dr. dre Jimmy Iovine Beats Electronics
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  • 3 comments
  • bobiroc

    Apples plans for these headphones.

    1. Put a lowercase "i" in front and change the name to iBeats
    2. Add Siri Voice command capability to them so if users want to turn the headphones off they can say iBeats Off.
    3. Jack up the price even more for these mediocre quality headphones.

    AMD Phenom II 965 @ 3.67Ghz, 8GB DDR3, ATI Radeon 5770HD, 256GB OCZ Vertex 4, 2TB Additional HDD, Windows 7 Ultimate.

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    28.5.2014 23:23 #1

  • cart0181

    Quote: 2. Add Siri Voice command capability to them so if users want to turn the headphones off they can say iBeats Off. Good one. Had me rolling.

    29.5.2014 10:57 #2

  • Mrguss

    Originally posted by bobiroc:
    3. Jack up the price even more for these mediocre quality headphones.
    Agree with you a 110%
    lol

    Live Free or Die.
    The rule above all the rules is: Survive !
    Capitalism: Funnel most of the $$$ to the already rich.

    29.5.2014 15:38 #3

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