Tag: Beats By Dre

Dr. Dre, Jimmy Iovine Donate $70M for New Arts and Technology Center at USC

Music industry entrepreneur Jimmy Iovine, left, and hip-hop mogul Dr. Dre at a Grammy Party in Los Angeles. Dre, whose real name is Andre Young, and Iovine have donated a combined $70 million to create a new institute at the University of Southern California, the school announced Tuesday, May 14. (Photo by Todd Williamson/Invision/AP, file)
Music industry entrepreneur Jimmy Iovine, left, and hip-hop mogul Dr. Dre at a Grammy Party in Los Angeles. Dre, whose real name is Andre Young, and Iovine have donated a combined $70 million to create a new institute at the University of Southern California, the school announced Tuesday, May 14. (Photo by Todd Williamson/Invision/AP, file)

LOS ANGELES (AP) — Hip-hop mogul Dr. Dre, whose real name is Andre Young, and music industry entrepreneur 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 two 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.

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.

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Diddy Tops Forbes’ List of Richest Hip-Hop Artists

Puff Daddy walking out of Chateau Marmont Saturday night with a bottle of wine.

Sean “Diddy” Combs ranks No. 1 on this year’s Forbes Five, the magazine’s list of hip-hop’s wealthiest artists, with an estimated net worth of $580 million.

The bulk of the Bad Boy Records founder’s wealth comes from non-musical ventures, namely his deal with Diageo’s Ciroc. The agreement entitles him to eight-figure annual payouts and a nine-figure windfall if the brand is ever sold—and Ciroc’s value has never been higher.

“It is one of the fastest-growing brands within vodka,” says Jack Russo, an equity analyst at Edward Jones & Co. “Consumers are feeling a little bit better about their situation, and with that, they’re willing to spend more on premium products.”

The No. 2 spot goes to Shawn “Jay-Z” Carter, with a net worth of $475 million. He’s still rolling in cash from megadeals like his $204 million Rocawear sale in 2007 and his $150 million pact with Live Nation the following year. He continues to hold stakes in Roc Nation, Carol’s Daughter, the Brooklyn Nets—and, more significantly, the Barclays Center itself—while adding new partnerships with the likes of Duracell, Budweiser and Bacardi’s D’ussé Cognac.

Andre “Dr. Dre” Young ranks third with $350 million, thanks mostly to his Beats by Dr. Dre headphones. A year after selling 51% of the company to handset maker HTC for $300 million in August 2011, Dre and his partners bought back half of the half they sold in 2012—and their investment continues to soar in value due to Beats’ whopping 65% market share of the premium ($99 and up) headphone market.

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Dr. Dre Tops Forbes List of Highest Paid Musicians of 2012

Dr. DreDr. Dre is paid in full.

The ‘Ain’t Nuthin But a G-Thang’ rapper and producer ranked number one on a recently-released Forbes list of the world’s 25 highest paid musicians. He made an estimated $110 million between May 2011 and May 2012. Dr. Dre also topped the Forbes’ list of Hip-Hop earners in September.

The majority of Dr. Dre’s earnings comes from the sales of his line of headphones, Beats by Dre, rather than his music.

article via blackenterprise.com