Legendary music producer Jimmy Iovine recently sold all future production royalties – but for a good cause.
The catalog sale reportedly includes his production catalog of over 250 recordings, as well as his stake two films he produced (Get Rich or Die Tryin’ and 8 Mile), and a portion of the Kobalt Music catalog of over 30,000 songs.
The Brookyln native became a legend in his own right after producing recordings for such luminaries as Bruce Springsteen, U2, Patti Smith, Tom Petty, John Lennon, and even Lady Gaga and Gwen Stefani in his four decades of studio work.
In 2014, the Interscope Records co-founder sold Beats By Dre to Apple for $3B (8 years after co-founding the audio company with Dr. Dre) and stayed on four more years to help the tech giant develop Apple Music.
The big-ticket sale was reportedly be invested into USC Jimmy Iovine and Andre Young Academy (a college program in South-LA founded by Iovine and Dr. Dre in 2013) to build a high school under the same umbrella.
The school’s mission is to “empower the next generation of thought leaders, innovators and entrepreneurs through a unique educational experience focused at the intersection of four essential areas: the arts and design; technology; venture management; and communication.”