The Financial Times is reporting Apple is close to acquiring Beats Electronics for an estimated $3.2 billion and the acquisition could be announced as early as next week.
If the deal closes, this would be Apple’s largest acquisition and would position the company in the music streaming subscription arena competing with rivals such as Spotify.
Beats Electronics produces audio products and equipment and is headquartered in Santa Monica, Calif. The company was founded by rapper and hip-hop producer Andre “Dr. Dre” Young and Interscope-Geffen-A&M Records chairman Jimmy Iovine.
Beats Music‘s streaming service launched January 2014. The service was spun out of Beats Electronics, receiving a $60 million investment to bring the product to market. The core of the streaming service was formed by Beats’ $14 million acquisition of digital music company MOG in 2012.
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