Last week it was reported that Apple was in final talks to acquire Beats Electronics for over $3 billion, and that the buyout would be completed by this week. Now a new report from Re/code indicates that the deal may take a little longer than initially expected. According to Re/code’s sources, the deal may not be finalized until next week.
Beats cofounders Dr. Dre and Jimmy Iovine are expected to join Apple’s executive team after the acquisition and will reportedly appear onstage at WWDC next month. While Apple hasn’t given any indication of why it’s interested in buying the company, it’s not hard to conclude that its iconic headphones and new music streaming service both have big potential as part of Apple’s future. Dre and Iovine both also have connections to the music industry that could benefit Apple greatly.
It seems we’ll have to wait a little longer to find out exactly what Apple plans to do with its latest acquisition.