Beats operates Beats Electronics, which makes premium headphones and speakers, and Beats Music, which offers a subscription music service. Beats was co-founded by music producers Jimmy Iovine and Dr. Dre. It was purchased by Apple on May 28, 2014 for $3 billion. Beats Electronics will fall under the purview of senior vice-president of worldwide marketing, Phil Schiller, and Beats Music under senior vice-president of services, Eddy Cue. Iovine and Dre will both work for Apple, spending as much time in Cupertino as necessary. Their titles at Apple will be "Jimmy and Dre".