The two men will give $70 million to create the USC Jimmy Iovine and Andre Young Academy for Arts, Technology and the Business of Innovation. The Academy will be established for undergraduate students "whose interests span fields such as marketing, business entrepreneurship, computer science and engineering, audio and visual design and the arts," according to USC.
A four-year course of study is being developed for the USC Iovine & Young Academy to focus on engineering and computer science, fine arts, graphic design, business and leadership models and other interdisciplinary courses.
The Iovine and Young Academy will focus on four core curriculum areas: Arts and Entrepreneurship; Technology, Design and Marketability; Concept and Business Platforms; and Creating a Prototype, according to USC.
One-on-one faculty mentoring, interaction with industry professionals and internship opportunities will be part of the Academy.
Faculty from the USC Marshall School of Business, Roski School of Fine Arts, Viterbi School of Engineering and Thornton School of Music will participate in the Academy. USC Roski School of Fine Arts Dean Erica Muhl will serve as the Academy's inaugural director.
"Academy students will have the freedom to move easily from classroom to lab, from studio to workshop individually or in groups, and blow past any academic or structural barriers to spontaneous creativity," said Muhl.
Twenty-five students will be admitted for fall 2014.
Jimmy Iovine, is chairman of Universal Music Group's Interscope Geffen A&M Records unit and has 40 years' experience in the music industry, working with artists John Lennon, Bruce Springsteen and Lady Gaga, among many others.
Andre Young, also known as Dr. Dre, is from Compton and is a longtime luminary in the hip-hop music world, starting with pioneering rap group N.W.A. and a successful solo rap career. He founded Aftermath Entertainment in 1996 and developed many well-known best-selling artists including Eminem and 50 Cent.