Apple hearts Beats for $3 Billion

CUPERTINO, California—May 28, 2014—Apple® 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. As part of the acquisition, Beats co-founders Jimmy Iovine and Dr. Dre will join Apple. 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.

Apple PR

Reading through the press release Apple spends fairly equal time highlighting three now well discussed areas of interest in acquiring Beats: the fashionable hardware element, the Beats Music subscription service, and the big name management behind Beats, namely Jimmy Iovine and Dr. Dre.