It’s Official: Apple acquires Beats Electronic for $3 billion

Weeks after the initial announcement, Apple has offically acquired audio company Beats Electronics for $3 billion according to reports.

“Music is such an important part of all of our lives and holds a special place within our hearts at Apple,” said Tim Cook, the CEO of Apple. “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.”

Per the official press release, music mogul’s and Beats Electronics co-founders Jimmy Iovine, of notable Interscope records fame, and Dr. Dre, legendary hip-hop producer, will join Apple as apart of the acquisition.

While Apple has yet to specify how they’ll merge Beats Entertainment into their product, it’s safe to assume the integration will come two ways: intersecting the audio into products such as the iPhone, iPod, and MacBook along with the combination of iTunes Radio and Beats subscription, giving users the ultimate streaming service to compete with Pandora Radio.

“Music is such an important part of Apple’s DNA and always will be,” said Apple’s senior vice president of Internet Software and Services Eddy Cue. “The addition of Beats will make our music lineup even better, from free streaming with iTunes Radio to a world-class subscription service in Beats, and of course buying music from the iTunes Store as customers have loved to do for years.”

Following the announcement of the deal, Beats posted this on their Twitter account.