Jimmy Iovine Departs Interscope Records

With Apple's purchase of Beats Electronics, Jimmy Iovine announces that he is leaving Interscope Records.

Jimmy Iovine has announced that he is stepping down as Chairman and CEO of Interscope Records, according to Billboard

The news comes on the heels of the announcement of Apple’s $3 billion purchase of Dr. Dre and Jimmy Iovine’s Beats Electronics, which was announced today (May 28).

John Janick will replace Iovine. Janick has been named chairman and CEO of Interscope Geffen A&M, while Iovine will become an Apple executive.

Janick launched the Fueled By Ramen imprint in 1996 and has worked in the Universal Music Group system, which includes Interscope Geffen A&M, since 2012. He has also been groomed by Iovine for the role.

“John Janick has exactly what it takes to lead Interscope Geffen A&M,” Iovine said in a statement, according to Billboard. “He started his own label. He understands the art of making records and the unique dynamic between a record label and artist, as well as the enormous responsibility that comes with representing one of the greatest artist rosters ever assembled.”

Interscope Records has released albums from Dr. Dre, Snoop Dogg, Eminem and 50 Cent, among others.

Earlier this month, it was reported that Apple would be purchasing Beats Electronics and Beats Music for $3.2 billion, but that price has been trimmed to $3 billion.

According to the New York Post, the $200 million decrease in price stems from the low number of Beats Music subscribers. The Post reports that the subscription based streaming music service has 111,000 subscribers. Spotify, by comparison, has 10 million paying customers.

RELATED: Apple Confirms Acquisition Of Dr. Dre, Jimmy Iovine's Beats Music & Beats Electronics For $3 Billion

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56 Comments

  • Anonymous

    He should have passed the torch to Dre and let him run interscope for a few years unless hes working for Apple now too.

    • Anonymous

      ..... so one album would get released a year? look at how many rappers actually dropped an album on aftermath that werent 50 or eminem

  • larajon

    Start working at home with Google! Its by-far the best job Ive had. Last Thursday I got a brand new BMW since getting a check for $6474 this - 4 weeks past. I began this 8-months ago and immediately was bringing home at least $77 per hour. I work through this link, go? to tech tab for work detail,,,,,,, SLAMWR.CM

  • Anonymous

    those punks need to feed the poor

  • Anonymous

    New Iphone comes with Beats Headphones.... they already made that 3 billi back.

    • Anonymous

      ya went from already to August, lol no need to discuss this with you

    • R.Pgh

      if they do sell that many, the 3 billion in revenue won't be because of Beats. People will buy the iPhone anyways. Better headphones is just an add on.

    • Anonymous

      The new iPhone comes with beats dumb ass! The new one which is being released in August! And yes it will make them easy 3 billion.

    • Anonymous

      no everyone didn't just go buy $3bn worth of headphones and iPhones, it would be world news and the financial talk of the week instead of veteran's hospitals and beats does more than headphones

  • Anonymous

    maybe Eminem will be allowed to make a decent album now. Oh no wait Paul rosenberg still makes em his beeeatch

  • Dick B

    Let's just hope he has better taste.

  • Anonymous

    Eminem And 50 cent's Daimond selling albums made Interscope. End of story.

    • Anonymous

      * don't know sh-t, they talking about worldly issues with basement room information

    • Anonymous

      ^ exactly, lol elton john, blink 182, marilyn manson were on interscope, these dudes do know sh-t

    • hgdcyxc v

      do you lil boys realise that there are other people beside rappers that have been signed to interscope

    • insanemacbeth

      well errrrr, actually DR. DRE & SUGE KNIGHT saved/ made INTERSCOPE...with the release of 'THE CHRONIC'. INTERSCOPE RECORDS was due to close down, on the week of the release of said album.

    • Anonymous

      50 Cent made Shady Records. Eminem made Aftermath. Dr. Dre made Interscope. And in the end, Jimmy Iovine is the top dawg. Btw, 50's album is not certified diamond. It has sold over 10 million copies worldwide, but not 10x plus in the US, which accounts for RIAA certification. And Eminem has 2 diamond-certified albums, MMLP & Eminem Show.

    • Anonymous

      no f*ckboy, just no

  • Anonymous

    All those failed artists who couldnt sell records like they used to and were dropped from Interscope gonna be begging Janick to let them back int the label now.

    • Anonymous

      doesn't work like that little man more on the shelf artists will be dropped so janick can clean up the books and sign his own artists and we have a better chance to see detox, depending on dre's contract janick might want that last album or a severance fee

  • Anonymous

    jew faggot ruined the music industry

  • Anonymous

    this kracka needed to get out of hiphop n e ways ne way

  • Anonymous

    ATARI about to buy SMS audio too for $200k. and Amalgam Digital about to buy G-Unit Records for about 150k Eeeeaaasssy money. These hip-hop brothers are caking up. Curtis networth about to go up.

  • Anonymous

    Everybody that was on Interscope and failed to invest in DreBeats made the worst business decision of their careers.

    • bswag

      They sold 50% to htc for 250 mil Then bought back 50% for 500 mil (total worth of beats = 1bn) and finally sold entire shit for 3 bn thats 2 billion dollars made on flipping a company in a year, how is this a fail? u a fool

    • Anonymous

      how is it gonna go tits up when it's product will be absorbed into apple's manufacturing and iTunes will absorb the music subscriptions there will be no company to go belly up unless it's apple and that's not what you're saying so go learn about business before you talk business

    • Anonymous

      might seem like that now but that shit is gonna go tits up eventually.

  • Anonymous

    lol Jimmy was like fuk that label I'm out no money here lol The Interscope ship is sinking like Def Jam

  • Anonymous

    He'll probably depart with a $100 million from Interscope.

  • POPE

    Detox will never come out lmao (Yes i know we all knew it wasn't coming out, but now it's official)

  • jannick

    Jannick...running the label...sounds like the good old boy network won't skip a Beat.

    • statusquo

      Yep...never fails...the legacy of overlooking talent if their records don't fly off the shelf lives on.

    • Anonymous

      And if they put a black dude in charge you'd be screaming about Uncle Tom's and House Negroes..... You'd complain about whatever they do

  • Anonymous

    Jimmy left a sinking ship. The music business is dead in the water, the biggest stars in the world can barely sell double platinum now, Jimmy going to greener pastures and I can't blame him.

    • Anonymous

      it's called a 360 deal, labels can have their hand in that shows and merchandise pocket Jimmy is PAID that's why he's leaving, a fresh bil to fold over all the millions he's gotten from his affiliated labels and artists like BEP, Gaga, Aloe Blacc, Dre, Eminem, 50, and so on. now he can fall back, collect, and hit the apple boardroom when the board is called upon so yeah, you don't know wtf you're talking about

    • okokok

      Yep....dude says hes an engineer and just got busted out for looking stupid

    • Anonymous

      ^^^^And live shows and merchandise matter to a label how exactly?? only so much a 360 deal can do for you A record label's primary financial interest is in selling records and that isnt happening anymore. Thats why every year the labels lay off more and more people, getting rid of employees because they cant afford to employ them anymore. So yeah, maybe artists can tour 250 days a year and sell action figures and be alright...... But the record business is dying off. Jimmy see's that and hauled ass to a position with Job Security.

    • Anonymous

      You are way too ignorant to be allowed on this site. The music business isn't dying. CD sales are dying. Artists are grossing more than ever for tours (look at Bon Jovi) and there is more ways to obtain music than ever (Spotify, Soundcloud, Pandora). This site has more people who live and die by record sales than anywhere else. I do engineering at CRC and as much as the artists coming in would love to have a platinum record they put just as much focus in their live show and merchandise as their albums. There is more music available instantly than ever and you say it's dying? I surely hope you were trolling

  • Aim80

    good lawd, Spotify's bringing in almost $100 Million a month?! gotDAMN!

  • tha OG

    Congrats to DR.dre rich ass nigga

  • Anonymous

    The next big artist https://www.youtube.com/watch?v=pxQvCKcJIx0

  • Jimmy Iovine

    Yo yo yo this the homie Jimmy Iovine coming live from the suburbs of Cali smoking on that Cali bud. Me and Andre just kicking it, getting blunted as fuck right now, chilling on this billion dollar deal or whatever. Tell the butler to order a tank truck and fill that bitch with up with champagne cause we rich, nigga we rich. I don't got to work another day in my motherfucking life. Peace I'm out. Y'all stay greasy.

  • thisis50

    yess fucking faggot jew finally gone, now come back game and 50

  • Concerned

    This is big news. Wonder if 50 would have stayed if Jimmy left during his time at Interscope.

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