MUMBAI: Rumours of Apple buying Beats Music were finally put to rest after the tech giant confirmed the $3 billion deal with the headphone and music streaming service. As part of the deal, Beats' co-founders- Dr. Dre and Jimmy Iovine are said to be joining Apple, but it has not yet been revealed what their roles will be.

In a statement, Apple said that as per its regulatory approvals, the deal will be closed by the fourth quarter of the company's fiscal year, which should be around the end of September this year. After the confirmation, the company's CEO Tim Cook said, "Music is such an important part of all of our lives and holds a special place within our hearts at Apple. That's why we have kept investing in music and are bringing together these extraordinary teams so we can continue to create the most innovative music products and services in the world."

Iovine has reportedly retired as record executive and resigned from Interscope to commit to Apple full time. However, he will not be relocating to Cupertino, California, which is where Apple's headquarters are located. Iovine, in a statement said, "I've always known in my heart that Beats belonged with Apple. The idea when we started the company was inspired by Apple's unmatched ability to marry culture and technology. Apple's deep commitment to music fans, artists, songwriters and the music industry is something special."

Dre and Iovine, will be reporting to Apple's senior vice president of Internet software and services Eddy Cue, and the company's marketing chief- Phil Schiller.