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TheStreet Open House

Apple Looking to Buy Beats Electronics for $3.2B: Report

Stocks in this article: AAPL

This story has been updated with Beats Electronics' response.

NEW YORK (TheStreet) - Apple (AAPL) is in talks to buy Beats Electronics, maker of the popular Beats by Dr. Dre headphones, in a $3.2 billion deal, according to the Financial Times.

Citing people familiar with the deal, the FT reports that the deal could be announced next week, but noted that some details have not yet been agreed and that the deal could still break down.

The rumor comes one day after the head of public relations at Apple, Katie Cotton, stepped down, to spend more time with her family.

Both Apple and Beats Electronics declined to comment on this story when contacted by TheStreet. A purchase, however, would expand Apple's reach into the music hardware market and also provide a further injection of cool into the iPhone maker's brand.

An acquisition of Beats Electronics, though, would mark a significant shift in Apple's M&A strategy, dwarfing its previous purchases. Apple's largest acquisition to date was its $390 million deal for Israeli Flash Memory specialist Anobit in late 2011.

Beats Electronics' music streaming app, Beats Music is currently ranked eighteenth in Apple's App Store under the music section.

Apple shares, which closed down 0.18% during Thursday's trading, slipped 0.65% to $584.06 after market close.

>>Read More: Why the iPhone Continues to Dominate
>>Read More: Countdown to iPhone 6 Sends China's 'Apple Concept' Stocks Soaring
>>Read More: How Apple Is Going to Give the iPhone a Boost

--Written by James Rogers in New York.

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