updated 10:28 am EDT, Fri May 9, 2014
Co-founder Jimmy Iovine could become advisor to Apple's Tim Cook
Two new reports appear to support the notion that Apple is interested in buying Beats Electronics. The New York Post says that Beats co-founder Jimmy Iovine is in talks for a "special advisor" position at Apple, making him counsel for CEO Tim Cook on "creative matters." Iovine could theoretically take the position without an Apple buyout of Beats, but an acquisition would make the position more likely.
In a video (below) posted to Facebook -- but since pulled -- Beats' core founder, Dr. Dre, is seen celebrating the alleged buyout with fellow rapper Tyrese. Tyrese captioned the video on Facebook with "How did I end up in the studio with Dr Dre ON THE night his deal went public that he did with Apple 3.2 BILLION!!!!! The BEATS HEADPHONES JUST CHANGED HIP HOP!!!!!!"
If Apple is indeed planning to buy Beats for the amount suggested, it will be the company's largest acquisition ever. It regularly buys up other companies, but usually much smaller firms that happen to have the workers or technology it wants.
Warning: Video contains explicit language