NEW YORK (TheStreet) -- Speculation surrounding Apple Inc.'s (APPL) acquisition of Beats Electronics says the tech giant will officially announce the deal this week at a reduced price, the New York Post reports.
Apple will be purchasing the company, co-founded by Dr. Dre, for $3 billion down from $3.2 billion, the Post said.
The iPhone maker is said to have reevaluated Beats Electronics following a leaked report which stated Beats Music has only 111,000 subscribers compared to its competition, Spotify, which has 10 million paying users and 30 million users on the music streaming service for free.
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Shares of Apple Inc. are up 0.14% to $626.52 on Wednesday.
TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate APPLE INC (AAPL) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins and good cash flow from operations. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."