Apple seeks to regain cool with $3B Beats buy
CUPERTINO - Apple is striking a new chord with a $3 billion acquisition of headphone and streaming music company Beats Electronics.
Wednesday's announcement confirms earlier reports of an imminent deal. It's by far the most expensive acquisition in Apple's 38-year history, a price that the company is paying to counter a threat posed to its iTunes store.
The growing popularity of music streaming services such as Pandora and Spotify has been reducing sales of songs and albums, a business that iTunes has dominated for the past decade.
Apple Inc. broke into music streaming with the launch of iTunes Radio last September, but the Beats deal is a sign that the service hasn't been a big hit.
Beats launched its streaming service earlier this year to supplement its trendy line of headphones.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
North Carolina police release dash cam shooting footage (Warning: Graphic Video)
North Carolina police release shooting footage (Graphic video warning)
West BR to implement traffic flow measures on LA 1 starting Monday
Man claims his severe losses came from contractor, not flood
Local teen prepares for 9th open heart surgery