Yesterday, Apple officially acquired the audio equipment and service company called Beats popularly called "Beats by Dre" for a mouth-watering sum of $3.2 billion.
As part of the deal with Beats, streaming service Beats Music
would also join the company's iTunes division.
The piece of news came hours after initial reports surfaced that the deal would happen in the coming days.
Apple already sells Beats products in its retail stores, and just last month Beats began offering a way to subscribe to its streaming music service using Apple's in-app purchase, something that gives Apple a cut of its subscription revenue.
The deal was confirmed by one of the founders of the company Dr. Dre and actor Tyrese Gibson, who announced the news on actor's Instagram page.
By far, this is Apple's largest acquisition recently and the company is hoping it will help its
iTunes service.
Interestingly, the deal makes rapper Dr. Dre the first billionaire hip-hop artiste.
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