Apple isn't giving Beats the boot, but will be (re)integrating it's assets into the Apple name.
Ever since Apple consumed Beats and all of its employees, rights and services, it's been a wildly successful venture, but all is not well in paradise. According to a TechCrunch report, the Beats music service may be no more. While Apple won't nix it completely, they'll most likely be rebranding the product (because, y'know... Apple) to tailor it to a bigger and better targeted audience.
If Beats accepts the transfer, we could be looking at a highly integrated iTunes radio re-boot... thing. Their partnership has come too far to turn back now, Apple's done nothing but push it onto us since they took over. There's a dedicated Beats channel on Apple TV, multiple new apps and other iStore goodies, so it wouldn't make sense to 86 Beats now.
Jokes aside, if you're looking at this saying "iLiveUnderARock," fret not, the story seems to be developing daily. If there weren't multiple Twitter accounts designated for this singular business move by Apple yet, check Apple's website and stay up with TechCrunch as the story continues to unfold.
Bottom line: Apple won't get rid of the Beats service entirely. They're just further integrating a service they believe to be filled with talent and potential, and plan on maximizing that potential with billions of dollars and a competitive monopoly on the music streaming market.