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Apple May Buy Dr. Dre's Beats for $3.2 Billion

Apple May Buy Dr. Dre's Beats for $3.2 Billion

Hip-hop veteran Dr. Dre is about to get a big boost to his bank account.

The rapper’s Beats Electronic company, known for its trendy headphones and music streaming, is being seriously pursued by Apple. Should the deal happen, it would be for $3.2 billion. A few details remain, but the deal could happen early next week, according to CNBC.com.

A deal of this scale would represent a radical departure for Tim Cook, chief executive of the iPhone maker: under the late Steve Jobs, Apple was reluctant to pursue high-profile acquisitions ….

While Beats commands a leading position in the premium headphone market, its real value to Apple is in revitalising its “cool” at a time when iTunes has waned in popularity and Samsung’s marketing campaigns have savaged the iPhone’s brand.

Even if the deal falls through Dr. Dre’s accountant won’t be rapping the blues. The entertainer’s 2014 net worth is estimated at $550 million.

Dr. Dre co-founded the company with music producer Jimmy Iovine.

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