Ross has been dating the 62-year-old music executive since early 2013, following her very public split from her ex-husband, Rupert Sanders.
The Snow White and the Huntsmen director was caught cheating with his leading lady, Kristen Stewart, in July 2012. Ross filed for divorce from Sanders in January 2013, and it was finalized in July 2014.
Ross has two children from her marriage to Sanders, 44 -- a 10-year-old daughter, Skyla, and an 8-year-old son, Tennyson -- while Iovine has four children from his previous marriage to Vicki McCarty.
Iovine is the co-founder of Interscope Records and launched the headphone and streaming subscription service Beats Electronics with Dr. Dre. He has worked as an executive at Apple since the company bought Beats in 2014.