Finally the news we have all been waiting for. According to what the reports are stating, Apple has finally sealed its biggest ever acquisition with the $3bn purchase of Beats Electronics. The new deal will now offer a brand new pedestal to Apple is areas of Digital Streaming.
The tech giant said on Wednesday that it is buying Beats Electronics LLC for $3 billion in order to bolster its music business that hasn't really kicked off in recent times, especially with several other streaming-music services now catching up on a department that was once dominated by Apple's iTunes service.
"It's all about music," Mr Cook told the FT at an interview in the company's Cupertino headquarters. Mr. Cook also added that Beats co-founders Jimmy Iovine, the music producer, and Dr Dre, the hip-hop legend, were "kindred spirits". With the new deal, both Mr Iovine and Dr Dre will join Apple.
"We've known them a long time," Mr Cook said. "We've gone from dating to going steady . . . now we're getting married."
Now with Beats at its side, Apple will be on the front seat for a music-streaming service, high-end headphones and other high-end music-industry connections.
The deal basically comprises of $2.6bn in cash and about $400m in Apple stock, which will, obviously, vest over time. The full deal is currently expected to be completed by the end of September 2014, pending regulatory approval.