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Apple(s aapl) is offering $3.2 billion to purchase Beats Electronics, the audio company started by Jimmy Iovine and Dr. Dre, the Financial Times reported on Thursday.
While Beats Electronics is best known for its premium headphones, it launched a streaming music service, Beats Music, in January. According to the report, the streaming service would be included in the deal. Apple runs its own streaming music service, iTunes Radio.
In 2011, HTC bought a majority ownership in Beats Electronics for $300 million, which it fully divested in 2013.
If completed, the deal would be one of Apple most high-profile acquisition in years. Last month CEO Tim Cook said that Apple was “on the prowl” for more acquisitions and noted that Apple had purchased 24 companies in the last 18 months.
The rumored deal comes as another subscription service, Muve Music, is reportedly being shopped by AT&T(T).