And the Beats go on…

Apple is close to acquiring headphone maker and music streaming company Beats Electronics for $3.2 billion, which will be one of the largest ever acquisitions by the company behind iTunes.

The two musical powerhouses behind Beats, record producer Jimmy Iovine and rapper Dr. Dre (aka Andre Young), gave the University of Southern California $70 million last year to create a new undergraduate program called the USC Jimmy Iovine and Andre Young Academy for Arts, Technology and the Business of Innovation.

The new academy’s curriculum is centered on “arts and entrepreneurship; technology, design and marketability; concept and business platforms; and creating a prototype,” according to USC’s website. The new program’s mission will be to provide inspiration and leadership for “a new generation of inspired innovators.”