California — Apple is buying more flair, swagger and song-picking savvy with its $3 billion acquisition of Beats Electronics, a headphone and music streaming specialist founded by rapper Dr. Dre and Jimmy Iovine, one of the first recording executives to push the hip-hop into the mainstream.
The announcement came nearly three weeks after deal negotiations were leaked to the media. It's by far the most expensive acquisition in Apple's 38-year history, a price that the company is paying to counter a threat posed to its iTunes store.
The price consists of $2.6 billion in cash and $400 million in Apple stock that will vest over an unspecified time period. The deal is expected to close before October.WHOA, that is some serious money, we bet Dr. Dre somewhere like :
"We have known these guys forever," Cook said of Iovine and Dre. "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." That's so sweet because now we have an image of really old rich men finding love because of music like:Cook indicated Beats' music streaming service was the main selling point in the deal, though the headphone line also is expected to continue growing, too.
We can't wait to see what they do!For all the latest money making news peep Channel 24 on Facebook or stalk us on Twitter. We're kinda into it.
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