Apple is close to acquiring headphone maker and music-streaming service Beats Electronics for $3.2 billion, in what would be the largest-ever purchase by the iPhone maker, according to a person with knowledge of the matter.

A deal would give the world’s most valuable company a stronger foothold in the music-accessories business and would bolster Apple’s online music capabilities. Apple has made a string of smaller acquisitions over the past 18 months under Chief Executive Officer Tim Cook.

Beats, based in Santa Monica, California, was founded by music-industry insiders Jimmy Iovine and Dr. Dre. After gaining popularity for its high-end headphones, the company is expanding and is challenging industry-leader Spotify with a music- subscription service called Beats Music.

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Source: http://adage.com/article/digital/apple-close-3-2-billion-deal-buy-beats-electronics/293117/?utm_source=Digital&utm_medium=feed&utm_campaign=Feed:+AdvertisingAge/Digital

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