All the rumours were finally put to an end this Wednesday as Apple confirmed its mighty purchase of Beats Electronics!
Founded by the rapper & producer Dr Dre with Jimmy Iovine in 2008, Beats has come a long way to stand a league apart as a solid gold company today, manufacturing high-end headphones and speakers and providing subscription based music service.
Apple had to shell out 3 billion dollars, $2.6 billion in cash plus $400 million in equity to crack this monster of a deal, making it the company’s biggest acquisition ever. Apple’s main interest can be seen lying in an effort to regain its stature in the music streaming industry that it once achieved with iTunes.
Even though what lies ahead of this collaboration is still hidden under the table, the Chief Executive of Apple, Tim Cook stated that Dr. Dre, Jimmy Iovine and him will be working on “products you haven’t thought of yet, and seeing around the next corner to articulate the way to take music to an even higher level than it is now.”
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