Dr. Dre Will Join Apple, Apple Will Purchase Beats
Article by George Norman
On 02 Jun 2014
Apple recently announced that it will pay $3 billion for Beats Electronics, the company co-founded by Dr. Dre. As part of the acquisition, the legendary artist and producer will join Apple. And so will the other co-founder, Jimmy Iovine.

“I’ve always known in my heart that Beats belonged with Apple,” said Jimmy Iovine, Chairman of Interscope Geffen A&M Records. “The idea when we started the company was inspired by Apple’s unmatched ability to marry culture and technology. Apple’s deep commitment to music fans, artists, songwriters and the music industry is something special.”


Back in 2006, rapper and hip-hop producer Andre "Dr. Dre" Young and Interscope-Geffen-A&M Records chairman Jimmy Iovine founded Beats Electronics, company that is best known for the popular Beats headphones. To paint a clear picture, here’s a list of all that Beats Electronics has to offer:
  • Beats by Dr. Dre – line of premium consumer headphones, earphones, and speakers.
  • Beats Audio – patented software technology.
  • Beats Music – critically acclaimed subscription streaming music service.

Late May 2014, Apple announced that it entered an agreement to purchase Beats Electronics and Beats Music. As part of the aforementioned agreement, Apple will purchase the two companies for a total of $3 billion – $2.6 billion upfront, $400 million to be vested over time. Also as part of the aforementioned agreement, Beats co-founders Jimmy Iovine and Dr. Dre will join Apple.

The Apple-Beats acquisition is expected to close in fiscal Q4.

“Music is such an important part of Apple’s DNA and always will be,” said Eddy Cue, Apple’s senior vice president of Internet Software and Services. “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.”

Tags: Apple, Beats Music, Beats Electronics, Dr. Dre, Jimmy Iovine, acquisition
About the author: George Norman
George is a news editor.
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