Apple purchases Beats Electronics & Beats Music for $3 billion, Dr. Dre & Jimmy Iovine join company

After weeks of rumors, it's now official: Apple has announced it is purchasing Beats Electronics for the cost of $3 billion. This makes it the largest purchase in Apple's entire history, and obviously the biggest public decision made by Tim Cook since he stepped in as CEO.

"Music is such an important part of all of our lives and holds a special place within our hearts at Apple,” said Tim Cook, Apple’s CEO. “That’s why we have kept investing in music and are bringing together these extraordinary teams so we can continue to create the most innovative music products and services in the world.”

“I’ve always known in my heart that Beats belonged with Apple,” said Jimmy Iovine. “The idea when we started the company was inspired by Apple’s unmatched ability to marry culture and technology. Apple’s deep commitment to music fans, artists, songwriters and the music industry is something special."

Beats Electronics is the make of the Beats by Dr. Dre line of headphones and music accessories, and also the Beats Music subscription service that competes with other offerings from companies like Rdio, Spotify, Rhapsody, and the like.

Check out some of our Beats by Dr. Dre coverage:

• Exclusive: Pink Beats by Dr. Dre Charles Hamilton customs
• Limited Edition white Beats by Dr. Dre headphones hands-on
• Beats Executive over-ear headphones now available
• Beats Electronics acquires MOG music service
• Video: How to create your own Beats by Dr. Dre headphones
• Unboxing Live 076: Beats Pro by Dr. Dre unboxing
• HTC Rezound, first Beats Audio smartphone, headed to Verizon
• Lady Gaga Heartbeats 2.0 earbuds show you were born this way
• Monster Beats Pro by Dr. Dre review
• Beats Solo comes to Beats by Dr. Dre line: Smaller, Lighter, $219
• Bleeding Edge TV 303: Beats by Dr. Dre definitive look
• Exclusive: Red Beats by Dr. Dre LeBron James customs
• Exclusive: Pink Beats by Dr. Dre Charles Hamilton customs
• Limited Edition White Beats by Dr. Dre hands-on
• Beats by Dr. Dre Tour earbuds unboxing gallery
• LeBron James and Cleveland Cavs receive custom red Beats by Dr. Dre Studio headphones
• Beats by Dr. Dre unboxing gallery
• CES 2008: Monster announces Beats by Dr. Dre Headphones