It's Official: Apple Buys Beats For $3 Billion

Apple has confirmed its purchase of Beats Electronics for $3 billion, the company confirmed to USA Today Wednesday afternoon.

"We're gaining rare talent, a fast-growing subscription service and premium headphones that have done incredibly well, but none of those are the reason for doing this deal," CEO Tim Cook told the newspaper.

Cook also said that Beats will remain a standalone brand, and that Dr. Dre and Jimmy Iovine "will spend more time in Silicon Valley."

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Companies:
Apple
Beats Electronics