Music is such an important part of all of our lives and holds a special place within our hearts at Apple, said Tim Cook, Apples CEO. Thats 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, he added in a release.
Ive always known in my heart that Beats belonged with Apple, said Jimmy Iovine. The idea when we started the company was inspired by Apples unmatched ability to marry culture and technology. Apples deep commitment to music fans, artists, songwriters and the music industry is something special.
Music is such an important part of Apples DNA and always will be, said Eddy Cue, Apples senior vice president of Internet Software and Services. The addition of Beats will make our music lineup even better, from free streaming with iTunes Radio to a world-class subscription service in Beats, and of course buying music from the iTunes Store as customers have loved to do for years.
Subject to regulatory approvals, Apple expects the transaction to close in fiscal Q4.
Formally established in 2008 as the brainchild of legendary artist and producer Dr. Dre and Chairman of Interscope Geffen A&M Records Jimmy Iovine, Beats Electronics (Beats) comprises the Beats by Dr. Dre family of premium consumer headphones, earphones, and speakers as well as patented Beats Audio software technology and streaming music subscription service Beats Music.