Apple is buying Beats Electronics and the Beats Music streaming service for a total of $3 billion. The acquisition is the largest in Apple’s history and is the largest move by CEO Tim Cook since he took the reigns from Steve Jobs several years ago.
“Music is such an important part of all of our lives and holds a special place within our hearts at Apple,” said Tim Cook, Apple’s CEO. “That’s why we have kept investing in music and are bringing together these extraordinary teams so we can continue to create the most innovative music products and services in the world.”
“I’ve always known in my heart that Beats belonged with Apple,” said Jimmy Iovine. “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.”
Apple expects the transaction to close sometime next quarter.