Iovine In Negotiations For New Interscope Contract

In the midst of a successful 2013, Jimmy Iovine is reportedly negotiating with Universal Music Group for a new contract to remain as head of Interscope Records. According to today’s New York Post, Iovine has told friends and associates that he is currently in contract talks with UMG, even though his current deal won’t expire until the end of 2014.

Sources told the Post that Iovine is asking for a raise, as well as a shorter-term contract.  One source told the paper that Iovine has been in “an ongoing negotiation” with the label.

A spokesperson for UMG simply told the Post, “Jimmy is part of the fabric of Universal Music Group and we look forward to continuing our work together for some time.”

Iovine has been in the press this year due to his involvement with Beats, the company he co-founded with Dr. Dre, which will launch an anticipated new streaming service some time in the near future.

Source: http://www.fmqb.com