The deal could be announced as early as next week The Financial Times says, marking Apple’s largest ever acquisition.
Founded by rapper and music producer Dr Dre and fellow music producer Jimmy Iovine in 2008, the firm produces ‘Beats by Dr Dre’ headphones and also runs a music streaming service.The deal will make him the first Billionaire hip hop mogul.
Beats Electronics received $500m (£295m) investment from Carlyle Group last September, valuing the company at more than $1bn.
It has been reported that Apple is contemplating a Spotify-like on-demand music service.
Beats by Dre has been a heavily endorsed by Sports stars (as seen below with Cesc Fabregas) and celebrities, making Beats by Dre one of the most influential brands of recent years.