Looks like Dr. Dre is about to become a wealthier man. Gizmodo is reporting that Apple is purchasing his Beats Electronics for a cool $3.2 billion.

The Forbes topper would make $1 billion from the deal. This would mean that Apple would also own Beats Music, a direct competitor to their own iTunes Radio. If the deal does in face go through, it would be the largest acquisition in Apple’s history.

No formal decision or announcement has come from Apple, Dr. Dre or Jimmy Iovine.

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