Live

Watch CBSN Live

Dr. Dre, Jimmy Iovine donate $70 million for new USC academy

Dr. Dre and Jimmy Iovine have donated a combined $70 million to create a new institute at the University of Southern California, the school announced Tuesday night.

The huge gift from the hip-hop mogul (whose real name is Andre Young) and the music industry entrepreneur, who have been music business partners in the past, will be used to create the Jimmy Iovine and Andre Young Academy for Arts, Technology and the Business of Innovation.

2-ap-826738925122.jpg
Jimmy Iovine, left, with hip-hop mogul and Beats Electronics co-founder Dr. Dre as they announce a $70 million dollar donation to USC in 2013. Damian Dovarganes / AP

The academy will provide a special four-year program for undergraduates whose interests span several fields from marketing to computer science to visual design and other arts. It will include one-on-one faculty mentoring with professors from programs around the university and interaction with entertainment industry luminaries.

"The vision and generosity of Jimmy Iovine and Andre Young will profoundly influence the way all of us perceive and experience artistic media," USC President C. L. Max Nikias said in a statement. "We are committed to encouraging our students to use their intellectual and creative resources to effect change in all segments of society. Our goal is to ensure that the academy is the most collaborative educational program in the world."

The academy will accept its first class of 25 students in the fall of 2014.

"If the next start-up that becomes Facebook happens to be one of our kids, that's what we are looking for," Iovine, 60, told The New York Times.

Dr. Dre added, "I feel like this is the biggest, most exciting and probably the most important thing that I've done in my career."

Iovine is the co-founder of Interscope Records, chairman of Interscope Geffen A&M and a mentor on "American Idol."

Dr. Dre is best known as a producer, solo rapper and co-owner of Death Row records. He later started his own record label, Aftermath Entertainment.

Dr. Dre and Iovine started Beats Electronics LLC, the parent company of the Beats by Dr. Dre line of popular high-end headphones and other music devices.

View CBS News In