Following weeks of rumors, Apple just made it official and announced the acquisition of headphone maker Beats Electronics for $3 billion.
Beats Electronics Founder and CEO Jimmy Iovine is scheduled to go on stage at the Code conference later this afternoon, where he is expected to offer additional details about the deal.
Part of the deal will be Beats Music,which launched as a Spotify competitor earlier this year. Beats is arguably a smaller part of the business, with an estimated subscriber base of 200,000 and a total of $120 million in funding. Beats Electronics on the other hand sells an estimated estimated $1.5 billion in hardware per year. The deal could nonetheless
The New York Post had reported earlier Wednesday that Apple was able to cut the purchase price of Beats to $3 billion, slightly down from the $3.2 billion that the Financial Times had reported earlier this month.
Developing story, more to come.