Apple to Buy Beats for $3 Billion
By Shannon Carlin
“On to the next episode.”
Dr. Dre and his Beats are moving to Apple after the company confirmed they are buying the electronics and technology company for $3 billion. That price is slightly down from the reported price of $3.2 billion, but still makes it Apple’s biggest acquisition.
According to The New York Times, Beats co-founders Dr. Dre and Jimmy Iovine will work under Eddy Cue, Apple’s exceutive in charge of Internet services. The deal is expected to be approved in late 2014 wih Iovine leaving his current position as Chairman and CEO of Interscope Geffen A&M once the deal goes through. Iovine will be succeeded by John Janick, currently the COO and President of IGA.