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Dr. Dre could be hip-hop’s first billionaire if this is a done deal.

Apple reportedly bought Beats or at least at an advance stage in closing a deal for $3.2 billion.

SEE ALSO: Dr. Dre Is Forbes 2012 Highest Paid Musician

Dr. Dre founded the company with producer and close friend Jimmy Iovine. The company is behind the hugely successful Beats by Dr. Dre headphones and the newly launched music streaming service.

According to Mashable, the deal could see Apple acquiring both the Beats By Dr. Dre hardware and the streaming service.

Apple will also add additional talent to Apple and help improve iTunes and iTunes radio.

The deal could be announced as early as next week.

Dr. Dre was recently named No. 2 on Forbes wealthiest hip-hop artistes list with an estimated net worth of $550 million.