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It’s official: Apple acquires Beats, brings on Dr. Dre in executive role

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    Apple’s long-rumored acquisition of Beats is finally official. According to Billboard, Apple has formally announced the $3 billion dollar deal, which it expects to close by September 30th.

    As part of the acquisition, Beats co-founders Dr. Dre and Jimmy Iovine will join Apple in unspecified executive roles. As Billboard notes, exact details of their involvement could be revealed at Apple’s Worldwide Developers’ Conference in San Francisco next week.

    Established in 2008, Beats Electronics makes a variety of audio products, including headphones, speakers, and car stereos. Earlier this year, it launched its own online streaming service, Beats Music, with Nine Inch Nails mastermind Trent Reznor serving as Creative Chief.

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    Many have speculated that Apple is acquiring Beats to further its own ambitions in the world of streaming music. Perhaps proof of this? The press release announcing today’s news listed Beats Music prior to Beats Electronics.

    In related news, Dr. Dre just became a billionaire. Well, at least according to Dr. Dre.

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