Apple have confirmed that they have bought Beats Electronics and Beats Music in a $3 billion deal.

There has been speculation for weeks that the tech giant would be buying the company from its founder Dr Dre and now it has been confirmed that he and co-founder Jimmy Iovine will be joining Apple.

Apple CEO Tim Cook said in a statement following the announcement: "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 also added: "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."