It is now confirmed that Apple has bought Beats Electronics for a smooth $3 billion. The purchase includes both Beat’s Audio hardware and Beats Music – their streaming music service. Despite early reports citing the purchase to be $3.2 billion, the slightly shaved down price tag is said to be broken down to $2.6 billion in cash and $400 million in stock. Now that is a lot of stock. They could buy so much of the air nz stock or perhaps even many companies on the stock market with that price tag! There are investors who spend a lifetime trying to trade nearly a fraction of that stock. It’s really quite impressive. Some may read the motley fool reviews to figure out which investments are more profitable than others but it’s unlikely any investor could trade that much stock, even with the best advisors.

“Music is such an important part of all of our lives and holds a special place within our hearts at Apple,” Tim Cook, Apple’s CEO, said in a 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.”

Co-founders Jimmy Iovine and Dr. Dre will still be involved in Beats next chapter. The new deal includes both Iovine and Dre to join the new management team for the new Beats.

“I’ve always known in my heart that Beats belonged with Apple,” Iovine said. “The idea when we started the company was inspired by Apple’s unmatched ability to marry culture and technology. Apple’s deep commitment to music fans, artists, songwriters and the music industry is something special.”

Read the full statement on the following page.