Here's How Jimmy Iovine Convinced Apple To Buy Beats (AAPL)
We now know how Beats cofounder Jimmy Iovine convinced Apple to buy the luxury headphones and music streaming company, thanks to a recent interview with GQ.
Apple bought Beats in October for $3 billion.
Iovine said he started pitching Apple about buying Beats in 2012.
"I said, 'I don't want to work for anybody else. I want to do this at Apple. I know I can achieve this at Apple,'" said Iovine.
The Beats cofounder told Apple he wasn't interested in shopping the company around for potential buyers when he knew exactly who he wanted to work with.
"I wanna come here, to Steve's company," he told Apple, referring to the company's cofounder.
But Iovine ultimately sold Apple by convincing the company he could provide something they didn't have — a music streaming service.
"I know what you're capable of; I know you get popular culture," he said. "I know you have a hole in music right now; let me plug it."
All signs show Apple is working to catch up on music streaming. It plans to rebrand Beats Music and roll it into iTunes next year.
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