Wipe Rumors: It’s Official, Apple Buys Beats By Dr. Dre

Been a couple of weeks of rumor rolling around of Apple buying off Headphone Maker Beats. We can finally say Dr. Dre and Iovine have sealed the pact.

Apple locks the deal for $3 billion, plus $2.6 billion cash forthright and nearly $400 million in stock that will vest over time.

As part of the purchase, Beats co-founders Jimmy Iovine and Dr Dre will join the Apple firm.
Beats was established by music producers Dr. Dre and Jimmy Iovine, an electronic well reckoned for its quality headphones.

The Beats co-founder Jimmy Iovine commenting on the deal, said: "I've always known in my heart that Beats belonged with Apple."

"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."