Jimmy Iovine’s catalog of song-producer royalties and film-production royalties for
8 Mile and
Get Rich or Die Tryin’ are now part of the
Hipgnosis Songs Fund portfolio.
Iovine’s 259 song productions include hits by
Tom Petty,
U2,
Patti Smith and
Stevie Nicks. Iovine said proceeds would benefit the
Iovine Young Academy’s initiative to build a high school in South L.A. as part of the
Iovine Young Academy at USC.
“While barely in my teens I noticed that so many of my favorite albums had one name in common; the best albums by
John Lennon,
Bruce Springsteen and Patti Smith all had 'Jimmy Iovine' on them,” Hipgnosis Songs Fund founder
Merck Mercuriadis said. “This continued through the ‘80s with Stevie Nicks,
Dire Straits, U2,
Simple Minds,
The Pretenders and more from Tom Petty and Patti and I've been glued to everything Jimmy has done ever since.
“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 difference, as he has throughout his life.”
The co-founder of
Interscope and
Beats Electronics was represented by
Paul Wachter of Main Street Advisors and attorneys
Eric Sacks and
Don Friedman of Grubman Shire Meiselas & Sacks.
Iovine said, “I’m happy that my work as a producer with so many great artists has found the right home with Merck and Hipgnosis.”
