Apple/Beats Deal Formally Closes; Layoffs DeniedAugust 3, 2014 By Stephen Silver
Apple's deal to acquire Beats Electronics and Beats Music has formally closed, Apple said Friday.
"Today we are excited to officially welcome Beats Music and Beats Electronics to the Apple family," Apple said in a statement posted on its website.
"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."
Additionally, Apple and Beats disputed an earlier report that the merger would lead to layoffs of 200 Beats employees. According to Billboard, with the exception of five performance-related firings, there have been no layoffs as a result of the merger.