Apple has announced officially that it will purchase Beats Electronics for a reported $3 billion, a move that it believes will help it catch rival companies that already offer subscription-based music services.

Beats and Apple executives said that the companies will work together to provide consumers around the world more options to listen to music.

The Beats brand will remain separate from Apple's however, and Apple will offer both Beats' streaming music service and premium headphones, according to The New York Times.

The deal brings longtime music executive Jimmy Iovine and rapper/producer Dr. Dre together with Eddie Cue, Apple's executive in charge of Internet services. 

Apple's iTunes, which offers individual songs and albums and a streaming radio service, will continue to be available alongside the Beats music service option, according to the iPod maker.

Apple CEO Tim Cook has emphasized repeatedly that adding Dr. Dre and Iovine would be huge for the company. He's praised the music service on a number of occasions, which allows users to create playlists for people to listen to.

 "These guys are really unique," Cook said in an interview at Apple's headquarters, according to the newspaper. "It's like finding the precise grain of sand on the beach. They're rare and very hard to find."

Apple is paying for the deal with $2.6 billion in cash, and $400 million in stock, according to the newspaper.

The company expects the deal to be approved before the end of 2014.

Once finalized, the Beats deal would be Apple's largest ever.

"Apple was at the front of that curve, and if that's the reason for the acquisition it would lend credence to the view that maybe they're not ahead of the curve anymore," said Maynard Um, a financial analyst for Wells Fargo, according to the paper.

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