- - Saturday, May 10, 2014

Record producer/entrepreneur/rap artist Dr. Dre is set to become hip-hop’s first billionaire.

Apple reportedly is preparing to pay $3.2 billion to buy Beats Electronics, the headphone manufacturing company started by Dr. Dre and Jimmy Lovine in 2008. It would be Apple’s largest outlay for an acquisition.

The deal would include Beats‘ streaming music service and its audio equipment business.  

Apple was attracted to Beats Electronics’ streaming music service as the popularity of iTunes appears to be falling. The subscription streaming service seems to be growing fast.