Apple to Pay $3 Billion to Buy Beats

Apple, the company that turned digital music into a mainstream phenomenon, said on Wednesday that it was buying Beats Electronics, a rising music brand, for $3 billion, in a move that will help it play catch-up with rivals that offer subscription-based music services. Apple and Beats executives said the companies would work together to give consumers around the world more options to listen to music. The Beats brand will remain separate from Apple's, and Apple will offer both Beats’ streaming music service and premium headphones.