Apple confirmed its long-rumored acquisition of Beats Music and Beats Electronics, saying it will pay $3 billion for the companies.
Beats Music operates a music streaming service and Beats Electronics makes headphones, speakers and audio software. Apple will pay $2.6 billion upfront and approximately $400 million that will vest over time.
As part of the deal, Beats co-founders Jimmy Iovine and Dr. Dre will join Apple.
Apple expects the deal to close in its fiscal fourth quarter.
(More to come.)