The Presidential Daily Brief

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  1. Apple Acquires Beats Streaming Service for $3 Billion

    In its largest deal to date, Apple has purchased Beats Electronics for $3 billion. The move is seen as Apple’s attempt to catch up with rivals that offer subscription-based music services and maintain its leadership in the music business. Until now, Apple has shied away from multi-billion dollar deals, even though $3 billion is small change to a company sitting on about $159 billion in cash. But it is a windfall for Beats’ founders Jimmy Iovine and Dr. Dre — who has already dubbed himself the “first billionare in hip-hop.”

    Sources: CNN, NYT

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