Apple to lay off about 200 people at Beats: Bloomberg

Wed Jul 30, 2014 8:30pm EDT
 
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(Reuters) - Apple Inc intends to lay off about 200 people at Beats Electronics LLC following its $3 billion acquisition of the headphone and music streaming services company, Bloomberg cited a person with knowledge of the restructuring as saying.

The job cuts will mainly hit human resources, finance and other departments with significant overlap between the two, the news agency reported.

Apple's largest acquisition in decades, announced in May, lands the iPhone maker a fast-growing music subscription business, executives like Jimmy Iovine with strong ties to the recording industry, and a line of premium headphones.

(Reporting by San Francisco newsroom)

 
A pedestrian walks past a Beats brand display in the subway system of New York, May 29, 2014.   REUTERS/Lucas Jackson