test: Apple Confirms the $3 Billion Deal to Acquire Beats Electronics, with $2.6 Billion in Cash, $400 million in Apple Stock 🍎🎵🍎🎵🍎🎵🍎🎵

Saturday, June 28, 2014

Apple Confirms the $3 Billion Deal to Acquire Beats Electronics, with $2.6 Billion in Cash, $400 million in Apple Stock 🍎🎵🍎🎵🍎🎵🍎🎵

🍎🎵 Apple and Beats executives on Wednesday said that both companies will work together to give consumers worldwide more options to listen to music.

🍎🎵 The Beats brand will remain separate from Apple’s iTunes brand, where Apple will offer both Beats’s streaming music service and premium headphones.

🍎🎵 Apple Confirms the $3 Billion Deal to acquire Beats Electronics, with $2.6 Billion in Cash, $400 million in Apple Stock. Apple said that iTunes, which sells individual songs and albums and offers a streaming radio service, would continue to be offered alongside the Beats music service.

🍎🎵 The purchase of Beats brings Jimmy Iovine, a longtime music executive, and the rapper Dr. Dre to work under Eddy Cue, Apple’s Senior Executive in charge of Global Internet services. Dr. Dre and Jimmy Iovine, who founded Beats, will soon join a growing list of prominent executives that Apple has added to its roster, including Angela Ahrendts, former chief of Burberry, Paul Deneve, former chief of Yves Saint Laurent.

🍎🎵 Jimmy Iovine, was an old friend of Apple founder Steve Jobs, and has a long career as a music producer, working with Bruce Springsteen, U2, Patti Smith and others. Apple too, had a relationship with U2 a decade ago, including the launch of a red-and-black U2 branded iPod.

🍎🎵 In an interview here at Apple’s headquarters, Timothy D. Cook, Apple’s chief executive, repeatedly emphasized the talent that Dr. Dre and Mr. Iovine would bring to Apple. He also praised the Beats music service, which has people create playlists for people to listen to. “These guys are really unique,” Mr. Cook said. “It’s like finding the precise grain of sand on the beach. They’re rare and very hard to find.”

🍎🎵 Apple is paying for the deal with $2.6 billion in cash, will not make a “dent” in the company’s huge $160 Billion cash pile, and $400 million in Apple stock. The company expects the deal to be approved by Apple’s Board of Directors later in 2014.

🍎🎵 This transaction will be a full-time assignment for Mr. Iovine, who will be leaving his chairmanship of Vivendi’s Interscope Records. Dre, whose real name is Andre Young, will continue to produce music but will do “as much as it takes” for Apple.

🍎🎵 Mr. Iovine’s career as an executive has been distinguished largely by his very savvy and inventive approach to music marketing. In the years after online-music piracy began decimating music sales, Mr. Iovine began encouraging the executives who worked for him at Interscope records, to approach their roles more broadly. Instead of talent scouts, they became brand-managers to a wide array of products, not just recordings but also clothing, electronics, and beverages.

🍎🎵 As Tim Cook has stated often, most of Apple’s acquisitions have much to do with the target company’s people, and the integration of their teams, in addition to the core concepts and technologies of the acquired enterprise.

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