Apple buys music star Beats for $3.8b
Published on May 29, 2014 6:01 AM
NEW YORK (AFP) - Apple announced plans on Wednesday to buy Beats Music and Beats Electronics in a deal worth US$3 billion (S$3.8 billion) that gives the US tech giant more clout in the hotly contested music sector.
The move is expected to help Apple, which was a pioneer in online music, ramp up its efforts to counter the successful models of streaming services like Pandora, Spotify and others.
Apple's largest acquisition ever, the deal for the maker of high-end audio equipment and streaming music service calls for Beats co-founders Dr. Dre and Jimmy Iovine to join the California company.
"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 statement.
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