Apple Confirms Purchase Of Beats Electronics For $3billion

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Apple has officially confirmed its much speculated purchase of Beats Electronics.

Though the brands will still remain separate, Apple will offer both Beats’s streaming music service and premium headphones.

Apple said that iTunes, which sells individual songs and albums and offers a streaming radio service, would continue to be offered alongside the Beats music service.

In an interview at Apple’s headquarters, Timothy D. Cook, Apple’s chief executive, repeatedly emphasized the talent that Dr. Dre and Mr. Iovine would bring to Apple. He also praised the Beats music service, which has people create playlists for people to listen to.

“These guys are really unique,” Mr. Cook said. “It’s like finding the precise grain of sand on the beach. They’re rare and very hard to find.”

Apple is paying for the deal with $2.6 billion in cash — hardly a dent in the company’s huge cash pile — and $400 million in stock. The company expects the deal to be approved later this year.

Wana

Wana

Quo non Ascendam. Writer. E-mail: wana@360nobs.com

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