Apple Inc. said Wednesday that it is buying Beats Electronics LLC for $3 billion to bring a music-streaming service, high-end headphones and music-industry connections to the technology giant as it seeks to reignite growth under Chief Executive Tim Cook. Apple said it would pay $2.6 billion in cash and $400 million in equity for Beats Music, a subscription music-streaming business, and Beats Electronics, which makes pricey headphones, speakers and audio software.
Mr. Iovine, a longtime friend of Apple co-founder Steve Jobs, said the two men’s titles would simply be “Jimmy and Dre.” They will work with both Apple’s electronics and music-streaming divisions, spending as much time at Apple’s Cupertino, Calif., campus as necessary, while serving more broadly to bridge the cultural divide between technology and entertainment industries.
Full Story: Wall Street Journal
Maybe we can get Detox with the next iPhone release. Congrats to Dr. Dre and Jimmy Iovine. Jimmy Iovine also stepped down from his CEO position at Interscope.
