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(USA Today) -- Apple is set to acquire headphone maker and music company Beats Electronics for a reported $3.2 billion.

The acquisition could be announced as early as next week, the Financial Times reported based on people familiar with the negotiations. The deal has subsequently reported by The Wall Street Journal.

The deal could represent Apple's largest acquisition ever. Apple declined comment on the report. Beats did not immediately reply to a request for comment.

Music mogul Jimmy Iovine and producer-rapper Dr. Dre co-founded Beats Electronics seven years ago and launched the high-end headphones craze. Earlier this year, they launched Beats Music, a premium music streaming service.

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