Beats co-founder Jimmy Iovine is leaving Apple, reports say

He headed Apple Music after Beats' acquisition, but he has a long history working with the iPhone-maker and is often cited as one of the key players who made iTunes and the iPod possible.

Apple Music executive Jimmy Iovine, 64, is reportedly planning to leave the company in August.

Iovine joined Apple with that acquisition and has acted as a creative and business lead for the Apple Music streaming service in partnership of Eddie Cue, who heads up Apple's internet software and services division.

Even though Iovine does not work under any official title in Apple, he has been taking care of Apple Music since its 2015 launch, and has a number of profitable negotiations to his credit, notes MacRumors. Dre and lovine were paid out $3 billion by Apple for the company.

For more on the story, see the report from Billboard. Bloomberg says these efforts are under Cue, not Iovine, but they have been slow to get moving.

But while these subscriptions numbers are impressive, Iovine wasn't convinced that streaming companies, in their current form, could be profitable. He worked with top artists such as John Lennon, Bruce Springsteen, U2, and more.

Before founding Beats headphones, Iovine was known as a star-making music executive, creating Interscope Records in 1990 and signing distribution rights for legendary rappers such as Tupac Shakur, Snoop Dogg and Dr. Dre.

Jimmy Iovine was characterized as a fearless maverick in last year's The Defiant Ones documentary. He hasn't said anything about leaving Apple, and the company is quiet, too.

Neither Iovine nor Apple have released a statement about the reports.

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