It looks like everything has been finalized and Apple is the new owner of Dr. Dre and Jimmy Iovine’s audio empire.
Apple is expected to shell out $2.6 billion in cash and $400 million in stock for Beats. Apple is also allowing Beats to retain brand identity. Along with the acquisition, Dr. Dre and Jimmy Iovine will be given executive positions at Apple when the deal is completed later this year. Jimmy Iovine, Interscope Records co-founder, has already made the announcement that he will be leaving the label after 25 years.
Apple CEO, Tim Cook, spoke on the acquisition. “We have known these guys forever,” he said. “We’ve dated, we’ve gone steady and now we are getting married. This relationship started a decade ago, so we know there is an incredible cultural fit. These two guys have a very rare set of skills. It’s like finding a particular grain of sand on the beach. It’s that rare.”
Beats brought in $1.1 billion in sales last year and accounts for more than 50% of U.S. headphones sales priced over $100.
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