It's official: Apple to snap up Beats for $3bn

It’s official: Apple is buying Beats Electronics for a hefty $3bn (£1.8bn).

Founded in 2008, Beats is famous for its iconic Dr Dre headphones.

As part of the deal, Apple will stump up $2.6bn immediately and chip in $400m over the next few years.

Beats founders Jimmy Iovine and Dr Dre are set to join Apple after the sale.

“I’ve always known in my heart that Beats belonged with Apple,” said Iovine in a statement.

“Apple’s deep commitment to music fans, artists, songwriters and the music industry is something special,” he added.

“Music is such an important part of all of our lives and holds a special place within our hearts at Apple,” said Tim Cook, Apple’s chief executive. “That’s why we have kept investing in music and are bringing together these extraordinary teams so we can continue to create the most innovative music products and services in the world.”

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