Apple today has formally announced its acquisition of Beats Electronics, makers of popular Beats by Dr. Dre premium headphones and Beats Music, its popular online music streaming service. The deal includes $2.6Bn cash payout and $400 Million stocks. Founder of Beats and legendary rapper/producer Dr. Dre in on his way to becoming the first billionaire in the world of Rap music. Beats will continue to exist as a separate brand entity and Apple will offer its music service & headphones to its customers. The move will will help it play catch-up with rivals that offer subscription-based music services.