|Dr. Dre and Jimmy Iovine sold Beats Audio to Apple. Jimmy Iovine will resign from Interscope.|
As of today, Beats Audio is now part of the Apple.
In a historic move, Interscope CEO Jimmy Iovine and media mogul Dr. Dre will relinquish their role to join Apple for input on the next wave of creative products. This also means the end of an era for Iovine. He will leave the Interscope company he founded in the 1980s.
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.
John Janick will now take over the role as leader for Interscope. Iovine will step down from his chairmanship after the end of June.
Interscope, A&M and Geffen are part of the umbrella that Iovine had control over. The label talents included Dr. Dre, Eminem, Mary J. Blige, Robin Thicke, The Black Eye Peas, Chief Keef, Madonna and Kendrick Lamar.