ENTERTAINMENT NEW: Jimmy Iovine Departs Interscope Records

With Apple's purchase of Beats Electronics, Jimmy Iovine announces that he is leaving Interscope Records.

Jimmy Iovine has announced that he is stepping down asChairman and CEO of Interscope Records, according toBillboard. 

The news comes on the heels of the announcement ofApple’s $3 billion purchase of Dr. Dre and Jimmy Iovine’s Beats Electronics, which was announced today (May 28).

John Janick will replace Iovine. Janick has been named chairman and CEO of Interscope Geffen A&M, while Iovine will become an Apple executive.

Janick launched the Fueled By Ramen imprint in 1996 and has worked in the Universal Music Group system, which includes Interscope Geffen A&M, since 2012. He has also been groomed by Iovine for the role.

“John Janick has exactly what it takes to lead Interscope Geffen A&M,” Iovine said in a statement, according to Billboard. “He started his own label. He understands the art of making records and theunique dynamic between a record label and artist, as well as the enormous responsibility that comes with representing one of the greatest artist rosters ever assembled.”

Interscope Records has released albums from Dr. Dre, Snoop Dogg, Eminem and 50 Cent, among others.

Earlier this month, it was reported that Apple would be purchasing Beats Electronics and Beats Music for $3.2 billion, but that price has been trimmed to $3 billion.

According to the New York Post, the $200 million decrease in price stems from the low number ofBeats Music subscribers. The Post reports that the subscription based streaming music service has 111,000 subscribers. Spotify, by comparison, has 10 million paying customers.