Speed Reads


Apple close to buying Beats Electronics for $3.2 billion

CC by: MIKI Yoshihito

If the rumors are true and Apple Inc. purchases Beats Electronics LLC for $3.2 billion, it will be the biggest acquisition in the company's history.

A person with knowledge of the talks told the Los Angeles Times that an agreement has not been reached yet, but the companies might be able to make an announcement next week. Beats Electronics, known for selling premium headphones, was founded in 2008 by rapper Dr. Dre and Interscope Geffen A&M Chairman Jimmy Iovine. In January, the company launched Beats Music, a streaming music service that costs $10 a month. If the deal goes through, Apple would earn revenue from the headphones and other products and also enter the subscription music industry; in 2013, it launched iTunes Radio, a free streaming service supported by advertisements.