Jimmy Iovine Leaves Interscope Records

John Janick to succeed Jimmy Iovine as Chairman, CEO of Interscope Records.

Right as Apple confirmed the official purchase of Beats By Dre on Wednesday, Interscope's Jimmy Iovine announced that he would be stepping down from the label. Iovine has served as Chairman and CEO of Interscope for the past 25 years, and will leave his duties behind to 36 year old John Janick.

Apple Brings Dr. Dre On Board With Official $3 Billion Beats Deal

After weeks of rumor, Apple finally announced it has acquired headphone maker Beats Electronic for $3 billion, including $2.6 billion cash up front and approximately $400 million in stock that will vest over time. As part of the deal, Beats co-founders Dr. Dre and Jimmy Iovine will join Apple AAPL -0.26% in undisclosed roles.

Dr. Dre Selling Beats for $3.2 BILLION

Via TMZ:

Dr. Dre could be days away from being the first rapper turned BILLIONAIRE ... thanks to a mega-deal for Apple to snatch up his Beats Electronics brand.

Apple will reportedly buy Beats for a whopping $3.2 BILLION -- and since Dre and Interscope honcho Jimmy Iovine created the brand ... it's a safe bet they will walk away with a huge chunk of that cash.