Apple acquires Beats Audio for $3 billion

Posted by Scott Harrell on Wed, May 28, 2014 at 5:16 PM

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Well, we finally know why Beats exists — to make Dr. Dre and Jimmy Iovine impossibly rich(er) by affiliating them with the world's #1 maker of stylish stuff that's actually better than the stuff it looks better than. 

The two companies have reportedly made a $3 billion deal — $2.6 billion in cash, $400 million in stock — for apple to buy not only Beats' streaming/software side, but the whole kit 'n' caboodle, including physical products such as Beats' many, many expensive models of headphones. Rumors initially had Apple eyeing Beats' streaming tech in order to beef up iTunes and offer more than the other streaming services which seem to be eating into its saturation, but the announcement that Apple's going all in may mean that bigger things are in store.

(via engadget)

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