Apple to Buy Beats Music and Electronics for $3 Billion
Apple today announced that it has agreed to acquire Beats Music and Beats Electronics for a total of $3 billion. Beats Music is the relatively new music service launched earlier this year. It will be folded into Apple's own music offerings. The deal also includes Beats by Dr. Dre, the headphone and portable speaker company. Andre Reed and Jimmy Iovine, Beats executives with deep knowledge of and contacts within the music industry, will join Apple. The deal is subject to regulatory approval. Apple expects to close the acquisition in the fourth quarter of the year.
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