Apple Buying Beats Electronics for $3,000 Million
The technology firm Apple announced that it will buy Beats Electronics, a California manufacturer of headphones that also has a promising music service “streaming”.
The technology company said the deal, subject to regulatory approval, is valued at $3,000 million dollars and that would culminate in the fourth fiscal quarter.
With this acquisition, Apple will enter fully into the music business by subscription. Tim Cook (Apple CEO) said the purchase represents “a commitment to the future.”
This talent will win, a subscription service that is growing very fast and quality headphones that have been very successful, Tim Cook said.
The Apple CEO said that We kept investing in these extraordinary music and equipment which meets the customers requirement, and will continue to create products and most innovative music services in the world.
He also said that the new musician and founder of Beats “Jimmy Iovine” will be hired as well. Jimmy Ivovine is considered a visionary in the world of music.
The operation was the subject of speculation for several weeks. Analysts said that Apple is really impressed and motivated by the streaming music service of Beats, this allowed him to compensate for the slow growth in the market for online music, and now the firm dominates its online store iTunes.