Tech

Apple Looking To Acquire Beats For $3.2 Billion

The purchase would help shore up Apple's share of the music subscription service industry, thanks to Beats Music.

Apple Looking To Acquire Beats For $3.2 Billion
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Beats by Tim Cook? It's more likely than you'd think. Apple is reportedly in talks to acquire headphone maker Beats Electronics for the princely sum of $3.2 billion.

According to the Financial Times, Apple is looking to snag Beats to inject a bit of cool into their brand, and to take advantage of the company's burgeoning music subscription service — an area of the music market Apple has been unable to break into.

Founded in 2008 by Dr. Dre and music executive Jimmy Iovine, Beats started with high-end headphones and music electronics. The company launched Beats Music, its Internet radio service, in January. 

The acquisition would be a bit of a departure for Apple CEO Tim Cook, whose modest takeovers so far have been dwarfed by the $3.2 billion Google recently shelled out for Nest Labs, and the whopping $19 billion Mark Zuckerberg paid for WhatsApp.

But Cook has been adamant in the past that he isn't averse to high-profile deals. During an investor conference call last month, Cook pointed out that Apple had acquired 24 companies in the last 18 months, and was "on the prowl" for more. (Via CNET)

Talks have not been finalized between the two companies, but the Financial Times says a deal could be announced as early as next week.