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After weeks of speculation and trivialization on the behalf of some who thought Dr. Dre would lose out on his newly minted billionaire status due to an ill-timed YouTube video with Tyrese, Apple and Beats By Dre confirmed their partnership late Wednesday afternoon. The deal sees Apple acquiring Beats Electronics and Beats Music for $3 billion, down from $3.2 billion as initially reported earlier this month.

Since the news was revealed previously, widespread speculation began as to how the deal would take place. The deal is set to close by September 30th, near the end of Apple’s fiscal fourth quarter.

With the move, Interscope head Jimmy Iovine is leaving his position as Chairman and CEO of the label after 25 years and is set to take an executive role at Apple, along with Dr. Dre.

John Janick, the founder of independent label Fueled By Ramen which currently houses artists such as Fun., Young the Giant, Paramore & Panic! At The Disco will succeed Iovine as chairman.