Apple is buying Beats Electronics and Beats Music, two of the biggest music labels in the world, for $90.1 billion, according to the Wall Street Journal.
Apple is acquiring Beats, a music label that produces music and music apps for iPhone, iPad, and iPod touch, according a press release from Apple.
The deal also includes Beats Music for $80.4 billion, which will include Beats Music as a subscription service for iPhone and iPad users.
Beats is a music and entertainment company that focuses on the development of the Beats Music music service and services.
Apple and Beats will continue to work together to deliver music, video, and other entertainment experiences, the company said.
The transaction includes $30.9 billion in cash, the companies announced.
Beats will also pay a $50 billion buyout.
Apple will pay $10.6 billion to acquire Beats, the Wall St Journal reported.
Apple had a reported $80 billion valuation in its Apple stock market cap as of December 29.
Beats’ stock has gained as much as 40% in the past year.
The company’s shares are up nearly 30% in 2017.