It's Official - Apple Confirms Purchase of Beats by Dr. Dre for $3 Billion

Dr. Dre, Tim Cook and Jimmy Iovine.

Apple has confirmed that it will purchase Beats Electronics for $3 billion (US). The sale ranks as the largest that Apple has ever made and will see it take ownership of an enormously successful and profitable line of consumer headphones as well as a burgeoning subscription music service. Beats co-founders Jimmy Iovine and Dr. Dre will also join Apple as part of the acquisition, which it will pay for with $2.6 billion in cash and $400 million in stock. Dre and Iovine will work with Apple's executive team in future music and entertainment projects.

The Opinion

"Apple is all about image. Beats is all about image. People who buy Beats are all about image. From a business standpoint, it makes perfect sense for Apple to do this, even if the product they’re buying doesn't make any sense for a consumer to own compared to similar products from competitors."

"First billionaire in hip-hop." -Dr. Dre

Chris Welch contributed to this report. The Opinion by comeonguyz