News: Dr. Dre & Jimmy Iovine Shell Out $70 Million
Wednesday, May 15, 2013 12:15PM
Aftermath Records head Dr. Dre and Interscope CEO Jimmy Iovine proved they are worthy of making Forbes' list on a yearly basis by throwing down a combined $70 million for a good cause this week.
According to reports, the music moguls' enormous donation is to help create a new institute at the University of Southern California.
The huge gift from the two who have been music business partners in the past will be used to create the Jimmy Iovine and Andre Young Academy for Arts, Technology and the Business of Innovation. The academy will provide a special four-year program for undergraduates whose interests span several fields from marketing to computer science to visual design and other arts. It will include one-on-one faculty mentoring with professors from programs around the university and interaction with entertainment industry luminaries. (Fox News)
The university's president has released an official statement on receiving their unexpected gift.
"The vision and generosity of Jimmy Iovine and Andre Young will profoundly influence the way all of us perceive and experience artistic media," USC President C. L. Max Nikias said in a statement. "We are committed to encouraging our students to use their intellectual and creative resources to effect change in all segments of society. Our goal is to ensure that the academy is the most collaborative educational program in the world." (Statement)
Over the spring, Doc landed a Top 3 spot on Forbes' Hip-Hop's Wealthiest Artists list.
1: Diddy, $580 M 2: Jay-Z $475M 3: Dr Dre $350M 4: Birdman $150M 5: 50 Cent $125M Birdman: The New Orleans native cofounded Cash Money Records two decades ago with his brother Ronald "Slim" Williams (Birdman's net worth would be well over $200 million if his ownership in the label wasn't shared). 50 Cent: Now he's trying to replicate the latter feat with companies like SMS Audio, his answer to Dr. Dre's Beats, and SK Energy, which has its sights set on category leader 5-Hour Energy. (Forbes)
No strangers to working together, Dre and Iovine have partnered up on numerous accounts to help enhance sound quality.
"We have to fix the entire chain," Iovine explained. "Our position is to go to all the sources and try to improve sound and educate people...We can't put anything weak in the line. Whoever puts out things that sound bad shouldn't be as cool as something that sounds great...I just want our product to sound better. The record business committed many, many mistakes in the last ten years, and I'm right in there. One of them was letting its product get degraded. It's one thing to let it get stolen, it's another to allow it to be degraded because then you really don't have a chance...video games and TV quality are getting better and the quality of our work is getting lower. If that happens, then music will become disposable. That's something we can fix." (CNET)