Report: Apple close to acquiring Beats Electronics for $3.2B | iLounge News

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Report: Apple close to acquiring Beats Electronics for $3.2B

Apple is reportedly close to acquiring Beats Electronics for $3.2 billion, according to the Financial Times. A deal with the headphone maker could be announced as soon as next week, sources said, though “talks could still fall apart.” Apple would acquire Beats’ audio equipment business and its streaming music service, Beats Music. The acquisition would be the largest in Apple history, were it to happen. If the acquisition goes through, the Beats management team would report to Apple CEO Tim Cook. Both companies declined to comment on the report.

In February, Cook told the Wall Street Journal, “We have no problem spending 10 figures for the right company, for the right fit that’s in the best interest of Apple in the long-term. None. Zero.” It’s not immediately clear how the acquisition of streaming service Beats Music would affect Apple’s iTunes Radio. Beats Music is a subscription service, unlike iTunes Radio, so the two services could conceivably continue as separate entities, but perhaps Apple has other plans.

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