Apple paid Universal Music $409m as part of Beats purchase
Universal Music Group has confirmed that it received a US$409 windfall from Apple’s acquisition of Beats.
Universal, through parent Vivendi, owned a 13% stake in the Beats empire built by Dr Dre and Jimmy Iovine.
Apple's deal to buy Beats - including the Beats By Dre headphone brand and its Beats Music streaming service - for $3 billion was cleared earlier this month.
Music Week noticed the confirmation of Universal Music Group's windfall buried in the latest Vivendi financial results ...
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