This must be music to Dr. Dre’s ears.
Apple will reportedly acquire the Beats By Dre for a whopping $3.8 billion! The deal also includes a new position at Apple, which will welcome music guru Jimmy Lovine. Lovine will be leaving Universal Music Group, which he has called home for nearly two decades and will step into a new creative role with Apple. Lovine founded the Beats By Dre technology with the rapper in 2008 and has turned the earphone company into a globally recognized brand.
Lovine is no stranger to the Apple brand either. It is rumoured that Steve Jobs used to spend time at Lovine’s home while visiting Los Angeles.
Apple’s iTunes business will surely get a boost from this acquisition, with the streaming services of both Beats and iTunes being enjoyed by millions of listeners daily. What, if any, plans to incorporate the two products is yet to be announced. Although, with a price tag that high there must be something really cool in the works!