January 5, 2018 / 5:05 PM / 16 days ago

Jimmy Iovine to leave Apple Music in August: Billboard

(Reuters) - Music mogul Jimmy Iovine is said to leave Apple Inc’s music streaming service in August, the Billboard magazine reported on Thursday, citing unnamed sources and music industry website Hits Daily Double.

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 Billboard story, which followed an initial report in Hits Daily Double's "rumor mill" section. (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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