Beats By Dre has officially taken a bite out of Apple. The tech titan confirmed Wednesday (May 28) that have copped the headphones business and its music streaming service for a whopping $3 billion. As part of the deal, Beats co-founders Dre and Iovine will join Apple with yet-to-be-revealed roles.
"We're gaining rare talent, a fast-growing subscription service and premium headphones that have done incredibly well, but none of those are the reason for doing this deal," says Apple CEO Tim Cook of the deal. "It's the future we're betting on."
Iovine adds that the the partnership will fuse the tech world and music biz together in perfect harmony. "I've been working with Apple on projects for 11 years," he tells USA Today. "You feel like when you walk in here, these guys get what we do. Will our products get better? Absolutely, we want our stuff to be made by Apple. But mostly it's about feeling that these guys can bridge the gap between the tech and music worlds."
“The first billionaire in hip-hop, right here from the motherfuckin’ West Coast,” the hip-hop mogul says in the video.
Cheers to the next episode.