Apple looking to buy Beats Electronics for $3.2 billion (Report)

By Kyle Johnson,

Apple is reportedly interested in purchasing Beats Electronics and is in talks to pay up to the tune of $3.2 billion.

A source familiar with the deal said that at the moment nothing is set in stone and the deal could possibly not come together, but if it does, it likely would be announced sometime next week, reports The New York Times. If the deal is legit, then it would be the largest ever for Apple.

Music producer Jimmy Iovine and rapper Dr. Dre founded Beats Electronics eight years ago, and it has gone on to do well in the high-end headphone market. The company also recently started up its own streaming music service, which is in competition against Apple.

According to The Hollywood Reporter, Beats began working on their streaming music service after buying MOG two years ago. CEO Ian Rogers claims that the adoption rate of trial users to paid subscriptions has "far surpassed our projections."

The Financial Times was the first to report the possible deal.

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