Apple has confirmed that they plan to acquire Beats Music and Beats Electronics for $2.6 billion in cash and $400 million in stock. The purchase is still subject to regulatory approval. Re/code has an interview with Apple CEO Tim Cook about why Apple would purchase Beats.
“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.”
Sharing a laugh with Jimmy, Dre, and @cue. Excited to welcome the #Beats team to #Apple. It's all about the music. pic.twitter.com/ZwyWgHFwhO
— Tim Cook (@tim_cook) May 28, 2014
photo via Apple