Get excited music fans! Apple just announced its plans to purchase Beats Electronics for an astounding $3 billion, marking the largest acquisition that the technology giant has ever made.
Beats co-founders Jimmy Iovine and Dr. Dre will also join Apple as part of the merger. “They’re going to be coming up with [features] that blow your mind,” Apple CEO Tim Cook told The New York Times. “And products you haven’t thought of yet, and seeing around the next corner to articulate the way to take music to an even higher level than it is now.”
Despite joining forces, the two brands still plan to operate separately, and will even offer competing music services, including iTunes Radio and Beats Music’s new subscription service. “We love the subscription service that [Beats] built,” Cook told the Wall Street Journal. “We think it’s the first one that really got it right.”
The deal, which is still subject to regulatory approval, is slated to close this fall. Once everything is finalized, Iovine will leave his position as CEO of the music label Interscope.
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