Liberty Ross started dating the music executive after her marriage to filmmaker Rupert Sanders fell apart following his cheating scandal in 2012.
The romance between the Snow White & the Huntsman director and his leading lady also torpedoed the actress' romance with her Twilight co-star Robert Pattinson.
But now Ross had found happiness with Iovine, who she began dating in 2013, and a representative for the couple has confirmed they're engaged, reports Us Weekly.
Iovine, the co-founder of Interscope Records who partnered with Dr. Dre on the Beats Electronics empire, was previously married to former Playboy model Vicki MCCarthy. They divorced in 2009.