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Apple will buy Beats Music for $3.2 billion

Apple will buy Beats Music for $3.2 billion
Beats Music

Have you heard of Beats Music yet?

Not only is it the brainchild of music legends Dr. Dre and Jimmy Iovine, it's also the new kid on the block when it comes to streaming audio. In fact, the Beats Music site just went online in January to rival sites like Spotify and Rdio.

But that's plenty of time to make it a part of history: Apple is buying the service for a reported $3.2 billion, Apple's biggest acquisition ever.

Apple could make particular use of the Beats Music streaming service as it attempts to figure out the streaming media space. iTunes radio, a streaming radio service similar to Pandora, has been panned by critics for its poor track selection. And iTunes Match, which can scan your music library and then let you stream tracks to your Apple devices over the internet, isn't as robust as music services like Spotify.

The deal is expected to be finalized next week. Stay tuned to what's Happening Now on my site for news on the story as it breaks.

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