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Last night it was revealed that Apple is thought to be making a bid for Beats By Dre – which was founded by US rapper Dr Dre and Interscope label executive Jimmy Lovine in 2008 – for $3.2 billion.

Since the release of the first pair of Beats in 2008 the headphone company parted ways with its hardware partner Monster, and then was bought out by HTC, who then sold their stake back to Beats due to the mobile phone company’s poor sales of their Android handsets.

Since then the Beats acquired music streaming service Mog which was retooled and rebranded into Beats Audio, the company’s own streaming service to rival Spotify.

It’s thought that Apple is looking to break into the streaming market and buying Beats will certainly give the Cupertino tech giant a foothold in a market which they’ve failed to penetrate with their own streaming service, iTunes Radio.

The buyout is expected to cost Apple $3.2 billion and would see the tech firm acquire a strong hardware brand as well as the company’s newly launched streaming service, Beats Audio.

And in turn the deal would make Dr Dre the world’s first rap billionaire. Not bad for a man from South Central.

Andrew Rafter

Andrew Rafter is the editor and founder of Harder Blogger Faster.