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Dr. Dre, record producer, Jimmy Iovine, give $70 million to USC

The money will create new undergraduate program that blends arts, entrepreneurship and marketing.

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Dr. Dre and Jimmy Iovine are giving $70 million to USC to fund the Jimmy Iovine and Andre Young Academy for Arts, Technology and the Business of Innovation. (Neilson Barnard/AFP/Getty Images)

Dr. Dre (Andre Young) and record producer Jimmy Iovine announced Tuesday they were giving $70 to the University of Southern California.

The money will create new undergraduate program that blends arts, entrepreneurship and marketing.

It will be called the USC Jimmy Iovine and Andre Young Academy for Arts, Technology and the Business of Innovation.

Using their star power the team will host innovators and industry moguls at the academy.

The last year of the four-year program will be spent in the "Garage," a kind of business incubator.

“The academy’s core education will create a common, multi-lingual literacy and fluency across essential disciplines," said USC dean Erica Muhl.

"This ‘big picture’ knowledge and skill will equip graduates with a leadership perspective that is unparalleled in an undergraduate degree, and that will be applicable to virtually any industry."

It's no the first time Iovine and Dre have teamed up.

They were the geniuses behind the headphones "Beats by Dre," which did a staggering amount of sales and made the two rich men very very rich.

Iovine is one of the most respected record producers in the world working with artists like John Lennon, Bruce Springsteen, oh and discovering Dr. Dre.

He also co-founded Interscope Records.

http://www.globalpost.com/dispatch/news/business/130515/dr-dre-record-producer-jimmy-iovine-give-70-million-usc