With Apple’s acquisition of Beats, Dr. Dre business partner and head of Interscope Records, Jimmy Iovine, is leaving the label.
According to Billboard, Jimmy Iovine has announced that he is stepping down as Chairman and CEO of Interscope Records.
SEE ALSO: Apple Acquire Beats For $3 Billion, Dr. Dre & Jimmy Iovine Joins Apple Team
While the news was expected, it came on the heels of Apple’s acquisition of Beats Electronics from co-founders Dr. Dre and Jimmy Iovine.
Iovine will become an executive at Apple, while John Janick will take up residence as chairman and CEO of Interscope Geffen A&M.
“John Janick has exactly what it takes to lead Interscope Geffen A&M,” Jimmy Iovine said in a statement. “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.”
On Wednesday Apple confirmed it’s purchase of Beats for $3 billion, $200 million short of the original offer.
The acquisition includes both the Beats hardware and music streaming subscription service.
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Superb move.