Apple finalizes purchase of Beats Electronics for $3 billion

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Apple announced Wednesday it will acquire Beats Electronics for $3 billion.

According to CNBC, Beats founders Dr. Dre and Jimmy Iovine will also become Apple employees. Iovine will resign as chairman of Interscope Geffen A&M Records. His successor,  John Janick has already been named.

“Iovine and Dre are kindred souls of Apple,” Apple CEO Tim Cook told CNBC in an interview.

The deal was originally reported to be worth $3.2 billion.  CNBC reports “Apple will pay $2.6 billion in cash and another 400 million in equity.”

Grio fam, how do you think this deal will impact hip-hop and technology? Let us know what you think in the comments below.

You can check out Kyle’s musical coverage on theGrio music page and follow Kyle on Twitter@HarveyWins.