Apple Closes on Beats Acquisition

Beats co-founder Jimmy Iovine
Beats co-founder Jimmy Iovine
 Michael Becker / FOX

Amid reports of layoffs as the company restructures, Beats officially is under Apple ownership as of Friday.

The tech giant unveiled the closing of the May 28 $3 billion acquisition of the streaming music company with a welcome page on its corporate website.

"Today we are excited to officially welcome Beats Music and Beats Electronics to the Apple family," said Apple in the statement. "Music has always held a special place in our hearts, and we're thrilled to join forces with a group of people who love it as much as we do. Beats cofounders Jimmy Iovine and Dr. Dre have created beautiful products that have helped millions of people deepen their connection to music. We're delighted to be working with the team to elevate that experience even further."

On the Beats music site, the company similarly touted its new ownership, positioning the brand as the heir to acclaimed Apple products like the original iPod, iPhone and iPad. "Starting today, we at Beats are fortunate to add our instrument to this legacy by joining Apple. The products we build will allow us to reimagine sound once again and to continue this great tradition of bringing imagination to life," the Beats statement read.

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