Apple-Beats deal makes sense as $3.2B hire: Analyst

Jimmy Iovine key to Apple, Beats: Analyst
Jimmy Iovine key to Apple, Beats: Analyst

There's recruiting tools and then there's Apple's $3.2 billion reported deal for Beats International—the headphone company founded by rapper Dr. Dre.

Gene Munster, a senior research analyst at Piper Jaffray, was one of two Wall Street analysts to cast doubt on the possible acquisition almost immediately after the Financial Times first reported the news Thursday evening. The deal doesn't make much sense on face value, Munster said during an interview on "Squawk on the Street."

It does makes sense as a very pricey hire, Munster said. The other half of Beats' founding duo—music mogul Jimmy Iovine—could help Apple finally "crack the content code," Munster said.

Read MoreApple + Beats: Wall Street says why bother?

"Talent is expensive," Munster said. "This would be a very expensive 'accu-hire' essentially. But it maps through a bigger issue that Apple has, which is trying to crack the content code and that has applications across many parts of their business."

By itself, the deal remains a head-scratcher, Munster said. Beats' headphones are easily replicated, and Apple's brand doesn't need burnishing, he added. Apple does need help crafting its video content, Munster said, and Iovine has a proven track record in the music industry.

"The bigger story that is kind of emerging here is Jimmy Iovine, and if he is some industry 'baller' that can radically change Apple's media business, then this makes a lot of sense," Munster said. "But it still remains to be seen what his role's going to be."

—By CNBC's Jeff Morganteen.