Apple Beats deal would make Dr Dre rap's first billionaire

The FT has reported that Apple is set to buy headphone maker Beats Electronics for $3.2bn (£1.9bn). The Financial Times says the deal could be announced as early as next week, 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 its much lauded Beats Music subscription music streaming service - both of which seem to interest Apple - it had been reported that Apple is contemplating a Spotify-like on-demand music service alongside its dominant iTunes paid for download operation and important consideration with Warner Music Group's Q1 financials showing showing that digital now accounts for 45.2% of WMG's total revenue (compared to 41.6% in the first quarter last year), and these revenues grew by 5% year-on-year. Subscription revenue saw the biggest increase, up 65%, while ad-supported streaming revenue grew by 13%.

The deal would potentially make Dre rap's "first billionaire". 

Beats gets $60 million

Beats has secured $60 million in new investment to help develop and launch its new streaming music service, which should go live later this year. The venture, co-founded by Jimmy Iovine is being led by Topspin founder Ian Rogers with creative input from Trent Reznor. It will operate through a separate company, a subsidiary of the headphone-making Beats Electronics firm.