Apple Buying Dr. Dre's Beats for $3B to Compete in Music Streaming

We apologize, this video has expired.

Breaking News Emails

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.
/ Source:
Beats headphones are sold along side iPods in an Apple store in New York City. Apple is buying Beats for $3 billion.Andrew Burton / Getty Images file

Apple, which revolutionized the music industry over a decade ago with the iPod, is buying headphone maker Beats Electronics for $3 billion in a deal that will help it compete in the streaming music business.

The deal, the largest in Apple's history, is expected to close before the end of September. Apple said on Wednesday it will pay $2.6 billion in cash and another $400 million that will vest over time.

We apologize, this video has expired.