It’s Official!!!: Apple Buys Beats For $3 Billion

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beats apple

Yep! You read it right. History will be made and hip-hop is right in the middle of it. The purchase of Dr. Dre and Jimmy Iovine’s Beats Electronics by Apple was confirmed today. According to CNBC the deal is expected to close in the fiscal fourth quarter and Apple will pay $2.6 billion in cash and another $400 million in equity. It will also continue to use the Beats brand. Other details of the deal include Jimmy Iovine stepping down as chairman and CEO of Interscope Geffen A&M to take an executive role on Apple, alongside Dr. Dre. Well its safe to say hip-hop just changed the world again today and Detox will never see the light of day. Kudos to Dr. Dre and Jimmy Iovine though!