Rap chap tapped for $3 BEELLION: Apple buys Dr Dre's Beats

Add 'billionaire' to list of things you may have forgotten about Dre


Apple, ending weeks of speculation, has confirmed it will acquire Dr Dre's Beats Electronics for $3bn (£1.79bn).

The iPhone maker on Wednesday issued a formal announcement revealing it will shell out $2.6bn in cash, and an additional $400m in payments that will vest over time, to bring Dre and company on board. The final price was slightly lower than the $3.2bn figure which circulated when word of the deal first broke in May.

"Music is such an important part of all of our lives and holds a special place within our hearts at Apple," chief executive Tim Cook said in a canned statement. "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."

Beats co-founders, music producer Jimmy Iovine and rapper Dr Dre, will be joining Apple in undisclosed roles, presumably within the newly acquired business units.

The acquisition will include Apple's assimilation of Beats' headphone and audio hardware lines, which will be available directly through the Apple Store both online and in the company's retail storefronts.

Perhaps more importantly, the deal will also give Apple control over the Beats Music streaming service. While Apple has built its iTunes music store into the largest single music retailer on the planet, the company has so far failed to gain a foothold in the streaming space. Acquiring Beats Music could make Apple an instant player in the streaming music world.

"The idea when we started the company was inspired by Apple's unmatched ability to marry culture and technology," said Iovine in a canned statement. "Apple's deep commitment to music fans, artists, songwriters and the music industry is something special."

The transaction should close in the fourth quarter of the year if regulators approve it, Apple said. This is the largest acquisition ever announced by Apple – just in time for this year's Worldwide Developers Conference (WWDC) in San Francisco. ®

Similar topics


Other stories you might like

  • Prisons transcribe private phone calls with inmates using speech-to-text AI

    Plus: A drug designed by machine learning algorithms to treat liver disease reaches human clinical trials and more

    In brief Prisons around the US are installing AI speech-to-text models to automatically transcribe conversations with inmates during their phone calls.

    A series of contracts and emails from eight different states revealed how Verus, an AI application developed by LEO Technologies and based on a speech-to-text system offered by Amazon, was used to eavesdrop on prisoners’ phone calls.

    In a sales pitch, LEO’s CEO James Sexton told officials working for a jail in Cook County, Illinois, that one of its customers in Calhoun County, Alabama, uses the software to protect prisons from getting sued, according to an investigation by the Thomson Reuters Foundation.

    Continue reading
  • Battlefield 2042: Please don't be the death knell of the franchise, please don't be the death knell of the franchise

    Another terrible launch, but DICE is already working on improvements

    The RPG Greetings, traveller, and welcome back to The Register Plays Games, our monthly gaming column. Since the last edition on New World, we hit level cap and the "endgame". Around this time, item duping exploits became rife and every attempt Amazon Games made to fix it just broke something else. The post-level 60 "watermark" system for gear drops is also infuriating and tedious, but not something we were able to address in the column. So bear these things in mind if you were ever tempted. On that note, it's time to look at another newly released shit show – Battlefield 2042.

    I wanted to love Battlefield 2042, I really did. After the bum note of the first-person shooter (FPS) franchise's return to Second World War theatres with Battlefield V (2018), I stupidly assumed the next entry from EA-owned Swedish developer DICE would be a return to form. I was wrong.

    The multiplayer military FPS market is dominated by two forces: Activision's Call of Duty (COD) series and EA's Battlefield. Fans of each franchise are loyal to the point of zealotry with little crossover between player bases. Here's where I stand: COD jumped the shark with Modern Warfare 2 in 2009. It's flip-flopped from WW2 to present-day combat and back again, tried sci-fi, and even the Battle Royale trend with the free-to-play Call of Duty: Warzone (2020), which has been thoroughly ruined by hackers and developer inaction.

    Continue reading
  • American diplomats' iPhones reportedly compromised by NSO Group intrusion software

    Reuters claims nine State Department employees outside the US had their devices hacked

    The Apple iPhones of at least nine US State Department officials were compromised by an unidentified entity using NSO Group's Pegasus spyware, according to a report published Friday by Reuters.

    NSO Group in an email to The Register said it has blocked an unnamed customers' access to its system upon receiving an inquiry about the incident but has yet to confirm whether its software was involved.

    "Once the inquiry was received, and before any investigation under our compliance policy, we have decided to immediately terminate relevant customers’ access to the system, due to the severity of the allegations," an NSO spokesperson told The Register in an email. "To this point, we haven’t received any information nor the phone numbers, nor any indication that NSO’s tools were used in this case."

    Continue reading

Biting the hand that feeds IT © 1998–2021