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Apple officially buys Beats in $3 billion deal

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Apple Inc. officially announced Wednesday its much-expected deal with legendary music producers Jimmy Iovine and Dr. Dre to purchase both their premium headphone and speaker brand, Beats Electronics, as well as their online streaming service, Beats Music.

Apple is buying the two companies for a total of $3 billion, with a purchase price of $2.6 billion and the remaining $400 million to be vested over time. In addition, both Iovine and Dr. Dre will join Apple.

The Wall Street Journal reports that Iovine now says the two men's job titles at Apple will simply be: "Jimmy and Dre."