Music moguls Dr. Dre and Jimmy Iovine are far from retirement as new reports have surfaced online and reveal their new job titles following tech giant Apple purchasing Beats Electronics this week. #CallMeBoss
According to reports, the Doc and former Interscope Records CEO will play big roles at Apple.
Their titles: “Jimmy” and “Dre.” It’s a full-time gig for Mr. Iovine, who is leaving his post as chairman of Vivendi’s Interscope Records. Dre, whose real name is Andre Young, will continue to produce music but do “as much as it takes” for Apple. (No word on whether that includes creating and posting any Instagram videos.) (Wall Street Journal)
Iovine will be succeeded by a notable Interscope Records executive when he leaves his current position.
Universal Music Group (UMG), the world’s leading music company, announced today that John Janick, COO and President of Interscope Geffen A&M (IGA), will succeed Jimmy Iovine as Chairman and CEO of IGA later this year. As separately announced today, Iovine, who founded the Interscope label in 1989 and later co-founded Beats Electronics in 2008, will join Apple® when it closes its acquisition of Beats. The transaction is expected to close in Apple’s fiscal fourth quarter (which closes in September), subject to regulatory approval. (Market Watch)
Yesterday (May 28) reports claimed Beats was now officially in Apple’s control after weeks of speculation.
On Wednesday, Apple made its biggest bet on the future of music since it first transformed the industry more than a decade ago with its iTunes music store. The tech giant made its largest acquisition ever, agreeing to pay $3 billion in a deal to acquire the maker of the popular Beats headphones, along with the streaming music service Beats Music. (Washington Post)
Following the news, Iovine spoke on finally sealing the multi-billion dollar deal.
The announcement caps off weeks of speculation surrounding the deal, which will see Beats co-founders Jimmy Iovine and Dr. Dre join Apple to play an unspecified role. Apple will pay $2.6 billion in cash and $400 million in equity that will vest over time, the company said. “I’ve always known in my heart that Beats belonged with Apple,” music mogul Iovine said in a statement. “The idea when we started the company was inspired by Apple’s unmatched ability to marry culture and technology. Apple’s deep commitment to music fans, artists, songwriters and the music industry is something special.” (Washington Post)