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Jimmy Iovine, left, and Dr. Dre
Friday May 17, 2013

LOS ANGELES -- The new Jimmy Iovine and Andre Young Academy at the University of Southern California will offer a curriculum aimed to help young innovators create the next iPod or Facebook.

The hip-hop mogul best known as Dr. Dre and the co-founder of Interscope Records appeared at a news conference alongside USC President C. L. Max Nikias to announce the new program funded by a $70 million donation by the two music superstars.

The program will provide a special four-year program for undergraduates whose interests span fields from marketing to computer science to visual design and other arts.

The academy "will be a new standard in higher education," said its dean and executive director Erica Muhl.

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

Iovine and Young have been friends, collaborators and business partners for 20 years. Young is best known as a producer, rapper and co-owner of Death Row records. Iovine is the co-founder of Interscope Records, chairman of Interscope Geffen A&M and a mentor on "American Idol."