Apple is set to buy headphone maker Beats Electronics for $3.2bn (£1.9bn), it has been reported.
The Financial Times says the deal could be announced as early as next week, marking Apple's largest ever acquisition.
Founded by rapper and music producer Dr Dre and fellow music producer Jimmy Iovine in 2008, the firm produces 'Beats by Dr Dre' headphones and also runs a music streaming service.
Beats Electronics received a $500m (£295m) investment from Carlyle Group last September, valuing the company at more than $1bn.
It has been reported that Apple is contemplating a Spotify-like on-demand music service.
Spotify
Apple is reportedly planning to take on music-streaming service Spotify
Some technology analysts have speculated that the purchase plans are motivated by acquiring Beats' streaming arm rather than the headphones division.
Apple is sitting on a $133bn (£78bn) cash pile, and chief executive Tim Cook has said the firm has 'no problem' with spending large sums of money to acquire top companies.
Apple and Beats have not commented on the reports.
However, in a video posted by singer Tyrese Gibson, Dr Dre boasts that he is 'the first billionaire in hip hop'.
He then laughs as Gibson says: 'Billionaire boys club for real, homie. The Forbes list just changed.'
.
Apple is set to buy headphone maker Beats Electronics for $3.2bn (£1.9bn), it has been reported.
The Financial Times says the deal could be announced as early as next week, marking Apple's largest ever acquisition.
Founded by rapper and music producer Dr Dre and fellow music producer Jimmy Iovine in 2008, the firm produces 'Beats by Dr Dre' headphones and also runs a music streaming service.
Beats Electronics received a $500m (£295m) investment from Carlyle Group last September, valuing the company at more than $1bn.
It has been reported that Apple is contemplating a Spotify-like on-demand music service.
Spotify
Apple is reportedly planning to take on music-streaming service Spotify
Some technology analysts have speculated that the purchase plans are motivated by acquiring Beats' streaming arm rather than the headphones division.
Apple is sitting on a $133bn (£78bn) cash pile, and chief executive Tim Cook has said the firm has 'no problem' with spending large sums of money to acquire top companies.
Apple and Beats have not commented on the reports.
However, in a video posted by singer Tyrese Gibson, Dr Dre boasts that he is 'the first billionaire in hip hop'.
He then laughs as Gibson says: 'Billionaire boys club for real, homie. The Forbes list just changed.'
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Apple Watch is the most personal product Apple has ever made, because it’s the first one designed to be worn. Narrated by Jony Ive, Senior Vice President, Design at Apple.
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Apple Watch Series 5 comes with always-on retina display, a built-in compass and 18-hour battery life. All watch faces have been tuned for the new display. The all-new Apple Watch also comes with international emergency calling can be used by just pressing and holding down the side button, even without your iPhone. Tune in. (Text: ET Online)
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Apple has purchased Beats Electronics, the headphone maker and music streaming distributor founded by hip-hop star Dr. Dre and record producer Jimmy Iovine. (May 28)
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Dr. Dre is on the verge of becoming the rap world's first billionaire.
The music mogul all but confirmed Friday that Apple was buying Beats Electronics, the company he co-owns that makes the good doctor's wildly popular Beats by Dr. Dre headphones, for $3.2 billion.
'First billionaire in hip-hop, right here on the motherf-----g West Coast,' Dre is heard saying in a NSFW video that appeared on R&B singer Tyrese Gibson's Facebook page.
The deal with the iPhone-maker would make the 49-year-old co-founder of Death Row Records hip hop's wealthiest roller.
Forbes calculated that after capital gains taxes, the deal would actually leave Dre about $200 million shy of being a billionaire. And his new net worth of around $800 million would not be enough to land him a spot on the Forbes 400.
But it would catapult Dre's worth ahead of Puff Daddy, who currently tops the magazine's rap-to-riches list with a net worth of $700 Forbes calculated that after capital gains taxes, the deal would actually leave Dre about $200 million shy of being a billionaire. And his new net worth of around $800 million would not be enough to land him a spot on the Forbes 400.
But it would catapult Dre's worth ahead of Puff Daddy, who currently tops the magazine's rap-to-riches list with a net worth of $700 million. Dre, whose real name is Andre Romelle Young, is second at $550 million.
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Apple TV is getting Dolby Atmos support, first promised in September 2017. Some pay-TV providers, in France, Switzerland and United States have either launched or announced plans for launching on Apple TV, letting users finally fulfil the one-box dream for their live TV. Some of those providers now support “zero sign-on” authentication.
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