STEVE INSKEEP, HOST:
NPR's business news starts with iPhones and headphones.
Apple is set to buy Beats Electronics for more than $3 billion. That's according to a report in the Financial Times. Beats is a headphone maker founded by hip-hop star Dr. Dre and the producer Jimmy Iovine.
Ironically, Iovine has said the inspiration to found Beats six years ago was the poor quality headphones that Apple put in with its products. He offered a better alternative, and Apple hobbled the old adage - if you can't beat 'em, buy 'em. Transcript provided by NPR, Copyright NPR.