Apple Inc will purchase Beats for about $3 billion and bring recording mogul Jimmy Iovine into its ranks, in a bid to make headway in the fast-growing music-subscription market.Through the acquisition, the iPhone maker also gains a line of high-end headphones popular with a young and urban demographic.As expected, Beats co-founders Iovine and rapper Dr. Dre will join Apple as part of the acquisition.The deal is seen as Apple's effort to jump-start a so-far uneven attempt to make headway in music streaming, the fastest-growing segment of the market. Pandora Media Inc and Spotify have raced ahead while Apple's eight-month-old iTunes Radio has not made much of an impact .
Apple Inc. (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. Shares of AAPL fell by 0.26% or $-1.62/share to $624.01. In the past year, the shares have traded as low as $388.87 and as high as $625.86. On average, 9535790 shares of AAPL exchange hands on a given day and today's volume is recorded at 11254953.
Pandora Media, Inc. (Pandora), is an Internet radio in the United States. Shares of P fell by 1.33% or $-0.34/share to $25.29. In the past year, the shares have traded as low as $13.95 and as high as $40.44. On average, 10972800 shares of P exchange hands on a given day and today's volume is recorded at 5406625.
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