According to the report, the deal is expected to be announced later this week.
Both are expected to join Apple in yet-to-be confirmed executive roles. One person said Iovine would likely oversee all of Apple’s music strategy and handle relationships with labels and publishers.
It's believed that Apple's interest in Beats is motivated by plans to launch a music subscription service which would compete with Spotify and others. iTunes music downloads dropped 13% in the last quarter and Apple is looking for ways to address the decline in sales.
Notably, the WSJ also reported that both Dr. Dre and Jimmy lovine are likely to take senior positions at Apple following the acquisition.