Apple made it official today. After weeks of speculation, Apple has purchased Beats from Dr. Dre and Jimmy Iovine for a whopping $3 billion dollars.

In Beats, Apple is getting a music-streaming service, high-end headphones and music-industry connections. Beats’ co-founders, rap star Dr. Dre and music mogul Jimmy Iovine, will join Apple.

Apple will continue to use the Beats brand, a rare move for a company that has almost always focused on its Apple brand.

Source: WSJ