Following several weeks of rumors, Apple has announced that it will acquire Beats Music and Beats Electronics in a deal valued at $3 billion. Beats founders Jimmy Iovine and Dr. Dre will join Apple, though what their positions or responsibilities will be has yet to be detailed.
Apple will gain Beats' popular headphone and speaker lines, as well as the its recently launched streaming music service, Beats Music. In a statement, Apple's CEO Tim Cook said that the company hopes to "create the most innovative music products and services in the world" as a result of the acquisition. Iovine also weighed in, emphasizing the two companies' shared investment in music, stating that Beats was inspired by "Apple's unmatched ability to marry culture and technology."
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