Two weeks after the news of the deal was first reported, Apple has officially announced its buyout of Beats Electronics for $3 billion.
Apple will keep the Beats headphone and Beats Music brands separate as part of the deal. As previously reported, Dr. Dre and Jimmy Iovine will join Apple full time.
“Music is such an important part of all of our lives and holds a special place within our hearts at Apple,” said Apple CEO Tim Cook. “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.”