Apple to buy Beats for $3B

Made famous by celebrities such as swimmer Michael Phelps who donned the large, brightly-colored headphones before each meet, the popular Beats By Dre headphones will join the Apple lineup.

Apple Inc. (Nasdaq: AAPL) confirmed Wednesday it will buy Beats Electronics and Beats Music for $3 billion.

Mashable reports Apple acquired two companies for a purchase price of about $2.6 billion and approximately $400 million that will vest over time. Beats co-founders Jimmy Lovine and Dr. Dre will join the Cupertino-Calif.-based computer company.

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