News - 11/01/2018

Jimmy Iovine says his departure from Apple Music is "fake news"

Jimmy Iovine says his departure from Apple Music is "fake news"

Jimmy Iovine, during an interview at the Grammy Museum, tsaid he has no plans to leave Apple Music in August, when the last of his Apple shares vest under the terms of its 2014 acquisition of Beats Electronics.

Reports emerged earlier this month, but Iovine labelled them as fake news, saying:

I am almost 65, have been with Apple for four years and in two and a half years the service has gotten to well over 30 million subscribers and Beats has continued its successful run. But there’s still a lot more we’d like to do. I am committed to doing whatever Eddy, Tim and Apple need me to do, to help wherever and however I can, to take this all the way. I am in the band.
All this stuff you’re seeing in the newspapers, let me tell you, my stock vested a long time ago. We need Donald Trump here to call it "fake news". There is a tiny portion of stock that vests in August, but that’s not what I think about. My contract is up in August, but the funny thing is, I don’t have a contract. I have a deal, and certain things happen along that deal. The bottom line is I’m loyal to the guys at Apple.

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