Jimmy Iovine, head of the West Coast operations of Universal Music Group, has signed on for another six years, sources confirmed Thursday.
Iovine, the chairman of Interscope Geffen A&M Records, has been in contract negotiations since last year. The multimillion-dollar deal was finally signed late Wednesday night. A label spokeswoman declined comment.
As part of the deal, Iovine has the option to partner with Universal for music-driven film projects revolving around his artists. That part of the deal is based on Iovine’s success as the producer of Interscope rap star Eminem’s Oscar-winning film “8 Mile.”
Last year was a busy year for Iovine. The executive expanded his empire to include DreamWorks Records, which Universal bought in December, as well as MCA Records (which has since fallen under the Geffen banner).
Interscope acts include 50 Cent, No Doubt, Sheryl Crow, U2, Blink 182 and Limp Bizkit. Before he became a record executive, Iovine produced hit albums for the likes of U2, Tom Petty and the Heartbreakers, the Pretenders and Stevie Nicks.
The news comes only a few days after Lyor Cohen, the head of Universal’s East Coast arm, Island Def Jam Music Group, decided to leave the company and take over Warner Music Group’s U.S. operations. Antonio “L.A.” Reid, who was recently ousted from the top job at Arista Records, is in talks to take an executive role at Island Def Jam.