The long rumoured deal between Apple and Beats Music was finally confirmed today at an initial cost of $2.6bn, with around $400m being invested over the coming years.
Apple’s acquisition of Beats Music, includes the subscription music streaming service and the headphones division named Beats headphones, this will see co-founders Dr. Dre and Jimmy Iovine join the company as well.
Tim Cook, CEO of Apple made a statement on the acquisition and eluded to the synergy between the two companies’ love of music and their desire to “create the most innovative music products and services in the world”.
Jimmy Iovine commented “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.”
Subject to regulatory approvals, the transaction is expected to conclude in in the fourth quarter of this year – so watch this space.
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