Apple Moves To Buy Beats For $3.2 billion

Onyeka Ibeanusi  | Friday, 9 May 2014 | 978 Total Views


According to The Financial Times, Apple is reportedly negotiating the purchase of Beats for $3.2 billion. The deal would include both the streaming Beats Music subscription service, as well as the part of the company that produces headphones and speakers.

The move will be Apple's biggest acquisition ever and could be officially announced next week. Apple already sells Beats products in its retail stores, and just last month Beats began offering a way to subscribe to its streaming music service using Apple's in-app purchase, something that gives Apple a cut of its subscription revenue.

Beats is jointly owned by legendary music producers Dr. Dre and Jimmy iovine who is also co-founder of Interscope Records.