Apple Buys Beats for $3 Billion

Apple announced Wednesday that it was purchasing Beats Electronics for $3 billion, with $2.6 billion in cash and $400 million in stock. Apple will not only offer Beats’ famous headphones, but also its music streaming services. The acquisition will allow the brands to be separate, but Beats founders Dr. Dre and Jimmy Iovine will now work for Apple. Apple CEO Tim Cook said of the two: “These guys are really unique. It’s like finding the precise grain of sand on the beach. They’re rare and very hard to find.”