Apple is reportedly in the final stage of negotiations to acquire Beats Electronics for $3.2 billion, according to Financial Times. The report says that the deal hasn’t been finalized yet but could be announced next week.
If the deal is signed at the reported price, it would be the largest ever for Apple.
Beats Electronics was founded in 2006 by Dr. Dre and music industry mogul Jimmy Iovine. Originally a headphones manufacturer, Beats launched a music subscription service in January which competes directly with Spotify.
In April, Forbes released its annual list of hip-hop’s top earners, with Diddy taking the crown and Dre following in second place. However, there’s a good chance that Dre will surpass Diddy if the deal with Apple goes through.
We’ll continue to update this story as it unfolds.
Related: Dr. Dre Sues Death Row Records Over Unpaid Royalties
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