Apple buys Beats for $3 billion

It's a done deal, Apple has announced that it has purchased Beats headphones but it will leave the brand in-tact, for now, as it works to integrate the products into its portfolio of goods.

Co-founded in 2008 by hip-hop artist Dr. Dre and music executive Jimmy Lovine, Beats Audio has become known for its high-end products like its headsets, earphones and speakers. At one point, HTC had a 50.1 percent majority stake in the company but in 2013 it sold off its shares.

As part of the acquisition, Beats co-founders Jimmy Iovine and Dr. Dre will join Apple and will likely be prominent figures in helping Apple expand its music streaming services. Earlier reports suggested that Apple was interested in the subscription music service, potentially more than headphones that made the company famous.

Beats has become a 'known' name in the headphone market and has the iconic branding that likely attracted Apple to purchase the company. Apple says that they believe this deal should close later this year, pending regulatory approval.

Source: Apple

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