It’s a done deal. Apple will be buying Dr. Dre and Jimmy Iovine‘s Beats Electronics for $3 billion.
The New York Times reports that Apple and Beats executives confirmed the sale on Wednesday, May 28.
In early May, rumors began swirling that Apple was buying Beats for $3.2B, with Dre confirming the news in a video uploaded by Tyrese, which was promptly removed. News of the deal was quiet, until today.
The Beats brand will be separate, but Apple will be selling their headphones and products in their stores and iTunes.
Dr. Dre and Jimmy Iovine will join the Apple fold as executives, reporting to exec Eddy Cue, who is in charge of Internet services. According to Apple CEO Timothy D. Cook,
The Beats deal is Apple’s largest acquisition, ever. Let us know what you think of this power move in the comments.