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Apple close to buying Beats for $3.2 billion: source

09
May
2014

By Nadia Damouni, Christina Farr and Nicola Leske SAN FRANCISCO (Reuters) – Apple Inc is close to paying a record $3.2 billion for Beats Electronics, two people with knowledge of the matter said, an expensive foray into music streaming and headphone gear that would mark a departure for the usually cash-conservative iPhone maker. A second source familiar with the matter told Reuters that Apple was in the market for a subscription-based music service to complement its \iRadio\ ad-based offering, launched in 2013 as part of an attempt to jump into a music-streaming arena then split between a handful of startups such as Pandora Inc. Founded by rapper Dr. Dre and legendary music producer Jimmy Iovine, Beats Electronics is best known for its \Beats by Dr Dre\ line of trendy headphones that vie with the likes of Skullcandy Inc, Sennheiser Electronic and Bose Corp. This year, it launched a music service that has won plaudits for its slick design and human music curation, versus the computer-algorithms that determine playlists for most of its rivals.

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