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Apple to get Beats, music mogul Iovine for $3 billion

29
May
2014

By Christina Farr SAN FRANCISCO (Reuters) – Apple Inc will buy Beats for about $3 billion and bring recording mogul Jimmy Iovine into its ranks, hoping to win points with the music industry and help it catch up in fast-growing music streaming. As expected, Beats co-founders Iovine and rapper Dr. Dre will join Apple as part of the acquisition of the music streaming and audio equipment company. They should prove key in forging relationships with an industry that historically viewed Apple with suspicion but in recent years has pressed the iPhone maker to do more on subscription services, a market expected to eclipse song downloads in the long run. Iovines music industry relationships could ease notoriously difficult licensing negotiations for a future streaming service, recording industry executives say.

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