After weeks of rumors, it's now official: Apple has announced it is purchasing Beats Electronics for the cost of $3 billion. This makes it the largest purchase in Apple's entire history, and obviously the biggest public decision made by Tim Cook since he stepped in as CEO.
"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.”
“I’ve always known in my heart that Beats belonged with Apple,” said Jimmy Iovine. “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."
Beats Electronics is the make of the Beats by Dr. Dre line of headphones and music accessories, and also the Beats Music subscription service that competes with other offerings from companies like Rdio, Spotify, Rhapsody, and the like.