The deal is expected to close in FQ4. Jimmy Iovine and Dr. Dre will be joining Apple, but their specific roles haven't yet been disclosed. Iovine is stepping down as chairman/CEO of music label Interscope Geffen A&M.
Apple will continue using the Beats brand, and states Beats' products will now be "offered in many more countries through the Apple Online Store, Apples retail stores and select Apple Authorized Resellers."
Update: Tim Cook on Beats Music: "We love the subscription service that they built—we think it's the first one that really got it right."