Apple and Beats deal has an official stamp now as the Cupertino based electronic giant declared that it sealed the deal with music major Beats for 3 Billion dollars. According to press statement released by Apple it has acquired both Beats Music and Beats Electronics business which means Apple will now own Beats designed headphones, speakers and music software. The total purchase price of both Beats companies is approximately 2.6 billion while rest $400 million will be vested overtime.
The highlight of the deal is that Beats Co-founders Jimmy Lovin and Dr Dre will now be a part of Apple team. Reports suggest that Apple CEO Tim Cook wanted Jimmy Lovin and Dr. Dre to work with Apple and that’s what inspired Cook to buy the prestigious music company set up by popular hip hop stars.
While expressing his views on the acquisition Apple’s CEO Tim Cook noted “Music is such an important part of all of our lives and holds a special place within our hearts at Apple,” Cook also added “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.”
On the other hand the co-founder of Beats music also stated that he is eager to join hands with Aplle. “I’ve always known in my heart that Beats belonged with Apple,” said Jimmy Iovine. “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.”
Music has always been Apple’s stronghold but with the market leader Beats on its hand the Cupertino electronic major may now become an unbeatable force in music.
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