Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Apple snaps up Dr Dre's Beats for $3bn

Apple snaps up Dr Dre's Beats for $3bn

Apple has made its biggest acquisition yet, with the planned buy of rapper Dr Dre's Beats Electronics for $3 billion.

The Financial Times reported that the deal is made up of $2.6 billion in cash and around $400 million in Apple stock, which will vest over time. It is expected to be completed by the end of September of this year, subject to regulatory approval.

Apple chief Tim Cook (pictured) highlighted Beats’ streaming service as significant to the deal. Beats launched its subscription service in January with an emphasis on personal music curation, rather than on playlists that are selected by using algorithms.

Founded in 2008 by Dr Dre and Jimmy Iovine, Beats makes most of its money from speakers and premium-priced headphones and generated revenues in 2013 of $1.1 billion.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Foster: the world’s most unconventional monetary policies

Brewin's Foster: the world’s most unconventional monetary policies

In this week's podcast, Guy Foster asks why the world’s biggest economies are pursuing some of the world’s most unconventional monetary policies. 

Play Charles Tan on Woodford & hidden trust income gems

Charles Tan on Woodford & hidden trust income gems

Cantor Fitzgerald investment company analyst Charles Tan discusses Woodford Patient Capital and some of the income trusts slipping under the radar.  

Play Taxicab Tenner: SGPB Hambros CIO Eric Verleyen

Taxicab Tenner: SGPB Hambros CIO Eric Verleyen

In the second episode of our new series, Verleyen jumps on board a black cab and explains how hard it's become to find good valuation on the market.  

Wealth Manager on Twitter