Apple to acquire Beats Electronics for $3.2 billion

Apple logoAccording to a Financial Times report (subscription required), Apple is set to announce its acquisition of headphone manufacturer Beats Electronics for $3.2 billion "as early as next week." The company, currently the American leader in headphone sales, was founded in 2008 by Interscope Records chairman Jimmy Iovine and hip-hop legend Dr. Dre, and it expanded this year with a subscription-based online music service, called Beats Music, that currently competes with Apple's own iTunes Radio offering.

Though the FT report warned that "some details had yet to be agreed [upon] and talks could still fall apart," the acquisition of both the company's headphone and online service divisions would be Apple's largest ever should it proceed at the reported value. In both respects, such a transition would likely be smooth, as Beats Electronics headsets already enjoy a presence in Apple Stores, and the two companies previously collaborated on a potential shared online service in the past, meaning that this merger may very well seamlessly combine the companies' current online-music services.

Apple to acquire Beats Electronics for $3.2 billion

Apple and Beats declined comment to the FT.

Source: Ars Technica

Tags: Apple

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