updated 11:15 am EDT, Fri August 1, 2014
Acquisition proceeds while still waiting for final US approval
(Updated with Apple welcoming page) Vivendi's Universal Music Group has completed a sale of its 13 percent stake in Beats to Apple, in a deal worth $404 million, according to an official statement. The company hasn't released any other details. In all, Apple is paying about $3 billion to acquire Beats.
The takeover has been moving steadily forward since Apple first announced it in late May. Even though the US government has yet to grant regulatory approval, Apple is already absorbing some workers from Beats and firing as many as 200 other people. The exact number of layoffs will depend on how many job openings there are and which people are willing and qualified to make the leap.
Update: Apple has added a new page to its website, welcoming Beats into the corporate fold. "Today we are excited to officially welcome Beats Music and Beats Electronics to the Apple family," it reads. "Music has always held a special place in our hearts, and we're thrilled to join forces with a group of people who love it as much as we do. Beats cofounders Jimmy Iovine and Dr. Dre have created beautiful products that have helped millions of people deepen their connection to music. We're delighted to be working with the team to elevate that experience even further. And we can't wait to hear what's next."