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Iovine Poised to Become Billionaire With Apple Beats Deal

Jimmy Iovine, the veteran music industry producer and executive, will become a billionaire if Apple Inc. completes a deal to buy Beats Electronics LLC for $3.2 billion.

The Interscope Geffen A&M Records chairman formed Beats, a luxury headphone maker and music-streaming service, in 2006 with hip-hop artist Dr. Dre, whose real name is Andre Young. The two built the company into one of the electronics industry’s leading high-end makers of music accessories.