General

Yesterday, actually, which was when the long-rumored deal between Apple and Beats Electronics finally became a reality. Via Darrell Etherington of TechCrunch:

Apple has indeed purchased Beats, which includes both Beats Audio hardware and Beats Music, the streaming radio service that was founded by rapper Dr. Dre and longtime music industry exec Jimmy Iovine. The deal was reported to be in the works earlier this month, and was said to be worth an estimated $3.2 billion at the time, though a recent New York Post report said it was cut to $3 billion after Apple completed its due diligence. The price is indeed $3 billion, with $2.6 billion in cash and $400 million in stock.

While Beats is probably best known for its ubiquitous headphones, most believe Apple actually made the deal in order to get its hands on the company’s music streaming service.