CUPERTINO – Apple announced this afternoon that it has closed the deal to acquire Beats in a deal worth $3-billion. The negotiations have been going hot and heavy for a while now. But given the photo released from Apple HQ, it looks like the deal is done. Everything is expected to be finalized by 4th Quarter of this year (2014).
In this image provided by Apple, from left to right, music entrepreneur and Beats co-founder Jimmy Iovine, Apple CEO Tim Cook, Beats co-founder Dr. Dre, and Apple senior vice president Eddy Cue pose together at Apple headquarters in Cupertino, Calif., Wednesday, May 28, 2014. Apple is striking a new chord with a $3 billion acquisition of Beats Electronics, a headphone and music streaming specialist that also brings the swagger of rapper Dr. Dre and recording impresario Jimmy Iovine. The announcement on Wednesday comes nearly three weeks after deal negotiations were leaked to the media. (AP Photo/Apple, Paul Sakuma)
What this deal says for the rehabilitation of the historic Muscle Shoals music studios, namely FAME and Muscle Shoals Sound Studios is unclear. From past conversations of which this reporter has had with inside sources, the promised $1-million pledged to the project is not being affected. However, Jimmy Iovine and Dr.Dre will work for Apple. According to published news reports, Iovine will join the Apple team full time,and Dr.Dre will spend a considerable amount of “hands on” time at the technology giant. With this in mind, the answer to the question of the Muscle Shoals project becomes quite interesting.
