Apple has formally announced it owns Beats, for the price of $3 billion. Apple and Dr. Dre are (apparently) very happy with the result, as Beat’s own Jimmy Iovine is quoted as having said, “I’ve always known in my heart that Beats belonged with Apple”.
The deal consists of $2.6 billion in cash and $400 million in stock, and incorporates Beats into Apple’s future endeavors. Currently, both companies will offer their separate competing services and products, and are technically free to go about normal business.
Of course, the deal, while currently finalized, is subject to regulatory approval and is expected to close by the end of the year.