Apple and Beats Electronics officially closed the deal for a buyout of the headphones and streaming music company, coming to a final agreement of $3 billion. It's $200 million short of the initial price that was leaked two weeks ago.
About $2.6 billion will be handed over to Beats now, with the rest coming over time. It's thought that Dr. Dre will see about $750 million of this, and Jimmy Iovine will get a few hundred million as well — both will join Apple as executives.
Apple said that they won't be combining Beats Music with iTunes, and will run it separately. “Music is such an important part of all of our lives and holds a special place within our hearts at Apple,” said Tim Cook, Apple’s CEO.
“That’s why we have kept investing in music and are bringing together these extraordinary teams so we can continue to create the most innovative music products and services in the world.”
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