Dallas, Texas 05/30/2014 (FINANCIALSTRENDS) – Apple Inc (NASDAQ:AAPL) has acquired Beats Electronics, the bought headphone maker for $3B in the deal that now ranks as the former’s largest ever. This agreement sees Apple snap-up the music streaming service & the audio equipment arm of Beats. Jimmy Iovine, the music producer, & Dr Dre the rapper who are the co-founders of Betas will be joining Apple, as a part of this deal, that is made up of $2.6B in cash & around $400M in Apple shares. This transaction is now set to close by September –end. Apple’s chief executive officer, Tim Cook stated that music is a very important part of many people’s lives and it also holds a very important part in the company.
This is exactly why the company continuously invests in music. Now, they are bringing-together the extraordinary teams in order to continue creating the most-innovative music products & services in the world. Iovine said that he always knew that Beats would have a place at Apple Inc (NASDAQ:AAPL). He said that at the outset when they created Beats, the idea had been inspired by the Cupertino company’s unmatched ability to work with culture & technology in a very cohesive manner. Apple also has a very deep commitment to the artists and fans as well as to the songwriters & the music industry as a whole.
Now that Apple has bought Beats, it is a very strategic move on the part of the company. Steve Jobs, the Apple founder had very famously completely transformed the music industry when he had released iTunes & the iPod, ten years ago. But the popularity of the device and the application have since, faded in popularity. Now, that the company had acquired Beats, it gives AAPL some added fuel to put up a good fight against its rivals- Pandora and Spotify.
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