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The Source | Finally, Apple Has Acquired Beats For 3 Billion Dollars
The business deal that sent both the business and hip-hop world into a frantic frenzy has officially gone through, despite reports surfacing over the weekend of several snags, including a citation of premature announcemenet, that put the deal in jeopardy. Today, Dr. Dre & Jimmy Iovine both became Apple executives, as the cellphone and software company officially acquires Beat Music for a whopping 3 billion dollars (2.6 billion in cash, 400 million in equities), and they pose alongside Apple CEO Tim Cook, and another Apple executive in charge of internet services, Eddy Cue, in an era-defining photograph.
John Janick, who has already practically been running Interscope’s day-to-day operations (according to a Billboard report), is Jimmy Iovine’s hand-picked successor at Interscope, and once Iovine has made his full transition from label exec to Apple power-player, Janick will be handed the reigns of one of music’s most powerful and successful labels, especially as of late.
The official Beats By Dre Twitter account confirmed reports of the deal being official with a simple, clever tweet.