Apple Completes $3 Billion Beats Deal

Beats Electronics and Beats Music is now officially part of Apple.

In a “Welcome to the family” post on its website Friday, Apple said that the $3 billion has officially closed.

“Today we are excited to officially welcome Beats Music and Beats Electronics to the Apple family,” it wrote. “Music has always held a special place in our hearts, and we’re thrilled to join forces with a group of people who love it as much as we do. Beats cofounders Jimmy Iovine and Dr. Dre have created beautiful products that have helped millions of people deepen their connection to music. We’re delighted to be working with the team to elevate that experience even further.

“And we can’t wait to hear what’s next.”

Apple announced it would acquire Santa Monica, Calif.-based Beats for $2.6 billion in cash and $400 million in stock in May, a deal that would give it control of Beats’ popular headphone business, as well as the company’s new Beats Music streaming service.

But the acquisition already has led to cost cutting, with 200 staffers expected to be let go in positions that overlap with roles already in place at Apple. The cuts represent 29% of its 700-employee workforce.

Apple’s stock rose 53 cents to close out the week at $96.13.

 

More Digital

  • iPhone X, Beijing, China

    Apple Confirms Chinese Students Illegally Worked Overtime at iPhone X Factory

    Beats Electronics and Beats Music is now officially part of Apple. In a “Welcome to the family” post on its website Friday, Apple said that the $3 billion has officially closed. “Today we are excited to officially welcome Beats Music and Beats Electronics to the Apple family,” it wrote. “Music has always held a special […]

  • shanghai skyline China Placeholder

    China Arrests Former Regulator, Bans Skype in Expanded Control of Internet

    Beats Electronics and Beats Music is now officially part of Apple. In a “Welcome to the family” post on its website Friday, Apple said that the $3 billion has officially closed. “Today we are excited to officially welcome Beats Music and Beats Electronics to the Apple family,” it wrote. “Music has always held a special […]

  • homepod-white-shelf

    Apple Started Working on HomePod in 2012, Was Blindsided by Amazon Echo (Report)

    Beats Electronics and Beats Music is now officially part of Apple. In a “Welcome to the family” post on its website Friday, Apple said that the $3 billion has officially closed. “Today we are excited to officially welcome Beats Music and Beats Electronics to the Apple family,” it wrote. “Music has always held a special […]

  • Amazon Echo Show, Black, Kitchen Counter

    Amazon's Echo Show Regains YouTube Access, Also Gets Vimeo and Dailymotion Videos

    Beats Electronics and Beats Music is now officially part of Apple. In a “Welcome to the family” post on its website Friday, Apple said that the $3 billion has officially closed. “Today we are excited to officially welcome Beats Music and Beats Electronics to the Apple family,” it wrote. “Music has always held a special […]

  • HQ Trivia App

    HQ Trivia: How the Buzzy Live Quiz-Show App Plans to Make Money

    Beats Electronics and Beats Music is now officially part of Apple. In a “Welcome to the family” post on its website Friday, Apple said that the $3 billion has officially closed. “Today we are excited to officially welcome Beats Music and Beats Electronics to the Apple family,” it wrote. “Music has always held a special […]

  • Judah Smith

    Amazon Pilots Talk Show With Judah Smith of City Church in Beverly Hills (EXCLUSIVE)

    Beats Electronics and Beats Music is now officially part of Apple. In a “Welcome to the family” post on its website Friday, Apple said that the $3 billion has officially closed. “Today we are excited to officially welcome Beats Music and Beats Electronics to the Apple family,” it wrote. “Music has always held a special […]

More From Our Brands

Access exclusive content