Apple is buying Beats Electronics and Beats Music, the headphone hardware manufacturer and streaming music service for $3 billion.
Rumors of the deal have flummoxed tech insiders since they leaked out earlier this month. It’s unclear how Beats will fit into Apple’s vision, though it’s likely a bid to buy back the future of music and regain its “cool factor.”
Beats founders rap megastar and producer Dr. Dre and Interscope Records cofounder Jimmy Iovine will join Apple as full-time employees, though it’s not yet clear in what capacity.
Image via Beats