By Christina Farr
(Reuters) - APPLE (AAPL.NQ)Inc AAPL.O will buy Beats for about $3 billion and bring recording mogul Jimmy Iovine into its ranks, in a bid to make headway in the fast-growing music-subscription market.
Through the acquisition, the iPhone maker also gains a line of high-end headphones popular with a young and urban demographic.
As expected, Beats co-founders Iovine and rapper Dr. Dre will join Apple as part of the acquisition.
The deal is seen as Apple's effort to jump-start a so-far uneven attempt to make headway in music streaming, the fastest-growing segment of the market. Pandora Media Inc P.N and Spotify have raced ahead while Apple's eight-month-old iTunes Radio has not made much of an impact .
The transaction is expected to close in the fourth quarter, Apple said on Wednesday. Shares in the company stood largely unchanged in after-hours trade
(Reporting by Avik Das in Bangalore; Editing by Sriraj Kalluvila)
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