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The nearly 3 weeks of speculation is over. Apple is acquiring Beats Music and Beats Electronics for $3 billion. Beats Music launched 5 months ago while Beats Electronics started selling headphones 5 years ago.

Apple CEO Tim Cook said Apple can build anything, “The thing that Beats provides us is a head start, and it provides us with incredible people, kindred spirits.”

Beats co-founders Jimmy Iovine and Dr. Dre will join Apple. Beats Music CEO, Ian Rogers, will now report to Apple’s Eddy Cue, Senior Vice President, Internet Software and Services. Cue is a 25 year Apple veteran responsible for the iTunes Store, App Store, iBookstore, Siri, Maps, iAd and iCloud.

It’s a big day for Beats and an unprecedented purchase for Apple. Stay-tuned for the impact on the music streaming ecosystem.