Music moguls Dr. DrE and Jimmy Iovine have teamed up to donate $70 million (£45 million) to a California university to fund a new academy.

The hip-hop star, whose real name is Andre Young, and record label executive Iovine have handed the huge sum to bosses at the University of Southern California.

The donation will help build the Jimmy Iovine and Andre Young Academy for Arts, Technology and the Business of Innovation, which will provide four-year programs for students, starting next year (14).

A statement from the university's President C. L. Max Nikias reads, "The vision and generosity of Jimmy Iovine and Andre Young will profoundly influence the way all of us perceive and experience artistic media. We are committed to encouraging our students to use their intellectual and creative resources to effect change in all segments of society. Our goal is to ensure that the academy is the most collaborative educational program in the world."