Jimmy Iovine to leave Apple Music in August: Billboard

[January 05, 2018] (Reuters) - Music mogul Jimmy Iovine is said to leave Apple Inc's music streaming service in August, the Billboard magazine reported on Thursday, citing sources.

Iovine is best known as the co-founder of Interscope Records, a rap music pioneer that branched out to include artists like Lady Gaga and U2.

Iovine's departure is likely timed to his Apple shares fully vesting, according to the report. (http://bit.ly/2E6gAGX)

The former Interscope CEO joined Apple in 2014 after the iPhone maker bought Beats Electronics, the audio technology firm co-founded by influential hip-hop producer Dr Dre and Iovine, for $3 billion.

Apple declined to comment.

The company told Billboard in September it had 30 million Apple Music subscribers.

(Reporting by Sonam Rai in Bengaluru; Editing by Shounak Dasgupta)

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