After nearly three weeks of speculation; Apple announced today that they will acquire Beats Music and Beats Electronics for $3 billion. The deal consists of $2.6 billion in cash, and the remaining $400 million in Apple stock. This makes the acquisition the biggest one in Apple’s history.
As part of the acquisition Beats co-founders, Jimmy Iovine, and Dr. Dre will be joining Apple. Their titles will simply be, “Jimmy and Dre.”
Both Beats and Tim Cook have tweeted about the news.