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Apple confirms $3 billion acquisition of Beats

Apple today confirmed its long-rumored acquisition of Beats Music and Beats Electronics for a total of $3 billion, according to a Beats press release.

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It’s a three-pronged acquisition including the acqui-hire of Beats co-founders Dr. Dre and Jimmy Iovine; Beats subscription streaming service; and the Beats hardware.

“Music is such an important part of all of our lives and holds a special place within our hearts at Apple,” said Apple’s Tim Cook in the Beats Press Release. “That’s why we have kept investing in music and are bringing together these extraordinary teams so we can continue to create the most innovative music products and services in the world.”

“I’ve always known in my heart that Beats belonged with Apple,” said Jimmy Iovine. “The idea when we started the company was inspired by Apple’s unmatched ability to marry culture and technology. Apple’s deep commitment to music fans, artists, songwriters and the music industry is something special.”

Beats Music is a subscription streaming service that generates customized playlists based on a user’s musical tastes — similar to Pandora’s Music Genome Project, as well as other recommendation platforms.

Beats Photo by Flickr user briansolis / In-column photo from Twitter.com/tim_cook