Hey, look, Apple finally decided to announce that it is buying Beats. The cost of the acquisition will run Apple $3 billion, a price that includes a purchase price of $2.6 billion plus another $400 million that will vest over time. Apple is buying both Beats Music and Beats Electronics.
This acquisition was first rumored back on May 8, so we aren’t exactly sure why it took Apple so long to announce it. Some think the delay was due to Dr. Dre’s YouTube celebration, where he spouted out drunkenly that he was “The first billionaire in Hip-Hop, right here from the motherf***in’ West Coast, believe it.” Either way, it’s all official now.
Beats co-founder Jimmy Iovine said in the press release for the acquisition that he has “always known in my heart that Beats belonged with Apple.” Excuse me while I go vomit a little.
Iovine and Dre will both join Apple.
Beats Music will apparently continue to live on, for those of you with an Android device that use the service.