Apple Inc. announced today that it is purchasing Beats Electronics LLC for $3 billion.
The technology giant seeks to use the music-streaming service, head-end headphones, and music-industry connections of Beats to reignite growth under Chief Executive Tim Cook. Beats Music, a subscription music-streaming service, as well as Beats Electronics, the high-quality headphones, speakers, and audio software company, are included in the $3 billion deal.
The co-founders of Beats, rap producer Dr. Dre and music mogul Jimmy Iovine, will join Apple. They will work with both Apple’s electronics and music-streaming divisions, while also serving more broadly to bridge the divide between the technology and entertainment industries. Apple will continue to use the Beat brand, which is a first for the company.
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