Screen Shot 2014-05-28 at 9.10.38 PMRight now Re/Code’s Walt Mossberg and Kara Swisher are on stage with Apple’s Eddie McCue and Beats’ Jimmy Iovine discussing today’s acquisition of Beats by Apple for $3bn. Here are the money quotes from the interview…

On the difference between the music industry and tech: “Most tech companies are culturally inept, most music companies are technically inept… I’m going to be a crossover.”

On Beats music streaming: “We have 250k subs in 3 months and from what I understand of the tech business [many companies] are in business longer than that and don’t make money.”

On Iovine and Dre’s titles at Apple: “Jimmy and Dre.”

On why they originally partnered with HTC not Apple: “Are you kidding? I asked them every day for ten years. They make deals like they make products.”

On whether he could make music for Apple: “I made chocolate but I’m not Willy Wonka.”

On Spotify: “Spotify should have 10m people in America, not worldwide… Worldwide costs a fortune… [It’s] all being funded by venture capital people and that’s gonna end soon… It’s all gonna cave.”

On future plans: “I left the record industry four hours ago… I’m retired.”

Finally, on the details of the acquisition: “I’m at Apple now, I can’t say anything.”

…to which Mossberg replied “Apparently that’s not true.”

Indeed.

[Photo credit: Re/Code]