It's official — Apple confirmed its intent to acquire Beats Music and Beats Electronics for $3 billion in a statement released today. A couple of weeks ago, Tyrese Gibson celebrated the big buy a little prematurely, but as of today, the acquisition has been validated by Apple!
Since the launch of the iTunes Store, Apple has been a major player in the digital music space — but is now playing catch-up with streaming music services like Spotify and Rdio. Beats' relatively new Beats Music platform will certainly help that effort. Apple is acquiring the Beats Music service and the Beats Electronics, the maker of the popular audio hardware products, for a total of $3 billion, consisting of $2.6 billion in cash and $400 million in Apple stock.
Apple executive Eddy Cue said, "The addition of Beats will make our music lineup even better, from free streaming with iTunes Radio to a world-class subscription service in Beats, and of course buying music from the iTunes Store as customers have loved to do for years." Congrats, Dre!