Apple closes buy of Beats stake for $404 mln

Apple has completed its purchase of a 13 percent stake in Beats for $404 million. The seller was Vivendi’s UMG. Headquartered in Culver City, Calif., Beats is a maker of audio products. It was founded by rapper and music producer Dr. Dre and Interscope-Geffen-A&M Records Chairman Jimmy Iovine.

PRESS RELEASE

Vivendi announced today that its subsidiary UMG has completed the sale of its share (approximately 13%) in Beats to Apple for a total amount of 404 million USD.

About Vivendi

Vivendi groups together leaders in content and media. Canal+ Group is the French leader in pay-TV, also operating in French-speaking Africa, Poland and Vietnam; its subsidiary Studiocanal is a leading European player in production, acquisition, distribution and international film and TV series sales. Universal Music Group is the world leader in music. GVT operates fixed very high-speed broadband, fixed-line telephony and pay-TV services in Brazil. In addition, Vivendi owns SFR, a French leader in alternative telecoms.

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