Warner Music Group owner Len Blavatnik is heading up an investment group that is providing $60 million in financing to Beats Electronics LLC, the company founded by Jimmy Iovine and Dr. Dre that plans to launch a major new streaming service later this year. In a statement, Beats revealed that the investment includes funds from Texas billionaire Lee M. Bass and Australian investor James Packer, as well as Blavatnik.

"Beats has the vision, the brand, the management team and now the investor group to effectively change the expectations and experience of a music subscription service," Blavatnik said in a statement.

Meanwhile, sources tell Reuters that Apple CEO Tim Cook recently met with Iovine to discuss the Beats digital service, which had been code-named "Daisy." Apple Internet products head Eddy Cue was also a part of the meeting, in which Cook was curious about the rollout of Beats' service, as well as its business model.

As previously reported, Nine Inch Nails main man Trent Reznor is Chief Creative Officer of the Beats streaming project.