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It's official: Apple owns Beats

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Jimmy Lovine Dr Dre
Bryan Bedder/Getty Images

Apple has closed its $3 billion deal to buy Beats. Announced a month ago, the deal is Apple’s biggest acquisition ever. It gives the company ownership of Beats Music, a music streaming service, and Beats Electronics, the headphone manufacturer.

“Today we are excited to officially welcome Beats Music and Beats Electronics to the Apple family,” Apple said in a post. Beats co-founders Jimmy Lovine and Dr. Dre will be joining Apple. Apple paid $2.6 billion in cash for the property, with an additional $400 million in equity. The computing giant is expected to push Beats’ music streaming service to compete with similar services from competitors like Google and Amazon.

European Union antitrust regulators approved the deal a few days ago. Apple plans to cut about 200 jobs from Beats due to overlaps between the two companies.

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