Jimmy Iovine And Dr. Dre Have Plans To Build A High School In South LA

News broke this week that super producer Jimmy Iovine had sold his catalog to Hipgnosis Songs Fund, but the money from the deal won’t be adding to Iovine’s already substantial fortune, but going toward education in Los Angeles.

In a statement, Iovine said that he’s committing the proceeds of the deal to build a high school in South LA, a school that will be something of an extension of the USC Jimmy Iovine and Andre Young Academy, an undergraduate program he established in 2013 with his frequent business partner Dr. Dre (Andre Young). “I’m happy that my work as a producer with so many great artists has found the right home,” Iovine said. No further details on the exact location or construction of the high school have been shared yet. As for the deal with Hipgnosis, founder Merck Mercuriadis gushed about his admiration for Iovine’s work over the years.

“While barely in my teens, I noticed that so many of my favorite albums had one name in common,” he told Billboard. “The best albums by John Lennon, Bruce Springsteen, Patti Smith all had Jimmy Iovine on them. I have been glued to everything Jimmy does ever since. His incomparable success with Interscope and Beats means that he would never have to make a deal for money again, but leave it to Jimmy to figure out the most efficient way possible to use his producer royalties to build a best-in-class high school in the inner city and once again make a massive difference, as he has throughout his life. It’s an honor to now be a custodian of his incredible work on these iconic albums and I’m very happy to welcome him to the Hipgnosis family.”