Apple acquires Beats for $3bn

June 2, 2014 9:04 am

Apple Inc. will pay about $3bn for Beats 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, Reuters has reported. The deal is seen as Apple’s effort to jump-start an uneven attempt to make headway in music streaming, the fastest-growing segment of the market, as iTunes sales decline. The transaction is expected to close in the fourth quarter, Apple said.