Apple to buy Beats for $3 billion


Apple today confirmed plans to buy Beats Electronics, which makes headphones, and Beats Music, a streaming music service, for about $3 billion. As part of the acquisition, Beats co-founders Jimmy Iovine and Dr. Dre will join Apple. The deal is expected to close in Q42014. Beats and iTunes will reportedly co-exist as separate services.

The confirmed price tag is lower than the $3.2 billion first reported by the Financial Times.

The New York Post, which was first with the news today, says Apple may announce a deal this week--though unveiling the details at Apple's Worldwide Developers Conference next week seems more in keeping with tradition. Dre and Iovine are both expected to attend the event.