Jimmy Iovine's tenure at Apple may come to an end this summer. After building Interscope records to a powerhouse off the strength of Death Row Records and later Eminem and 50 Cent, Iovine transitioned to Apple Music in 2014 after he and Dr. Dre sold their Beats company to the tech behemoth.
It looks like Iovine's stint at the Mac maker is coming to an end.
Until Apple or Iovine confirm the upcoming departure, however, it's best to take rumors and reports with a grain of salt. However, no information is available yet in this regard. It's unclear what Iovine plans to do after Apple and whether, at 64, he intends to retire if he truly does leave the company in August. The deal was reportedly worth $400 million.
Apple may soon lose one of its most prominent entertainment executives. It was an awkward presentation to say the least.
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Iovine joined Apple with that acquisition and has acted as a creative and business lead for the Apple Music streaming service in partnership of Eddie Cue, who heads up Apple's internet software and services division.
Apple Music, has expanded to more than 30 million paying subscribers since its launch June 2015. Curiously enough, Iovine was never given a specific title during his time with Apple although it is largely assumed that he is in charge of Apple Music.
Data sources: Apple and Spotify.
Iovine, a longtime record-label executive, is also the co-founder of Interscope Records, which became Interscope Geffen A&M after a merger in 1999. The Motley Fool owns shares of and recommends Apple.
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