According to the Financial Times, Apple is in negotiations with Beats Electronics to acquire the music streaming service. The $3.2 billion deal is in the final stages and could be announced as early as next week if all the last minute details fall into place.
Sources claim the Apple acquisition of Beats will include both the streaming music service and the company’s audio equipment business, which includes a line of premium headphones heavily promoted by hip-hop star Dr Dre.
Apple is closing in on its largest ever acquisition with the planned $3.2bn purchase of Beats Electronics, the headphone maker and music streaming operator founded by Jimmy Iovine and the hip-hop star Dr Dre.
The deal could be announced as early as next week, people familiar with the negotiations said, but they cautioned that some details had yet to be agreed and talks could still fall apart, write Matthew Garrahan in Los Angeles and Tim Bradshaw in San Francisco.
Beat has been courting Apple with the idea of a music streaming service for years. Music industry veteran and Beats Electronics CEO Jimmy Iovine allegedly pitched Steve Jobs on the idea of a streaming music service, but Jobs didn’t bite. More recently last year, CEO Time Cook Internet Services head Eddy Cue met with Beats CEO Jimmy Iovine in Los Angeles to talk about the then developing music streaming service.
Beats Music debuted earlier this year in the US, entering a crowded market that is dominated by rivals such as Pandora, iHeartRadio and Spotify.