LOS ANGELES (CBSLA.com) — Record producer Jimmy Iovine and hip-hop artist Dr. Dre are donating $70 million to the University of Southern California to create their very own undergraduate academy.

The USC Jimmy Iovine and Andre Young Academy for Arts, Technology and the Business of Innovation is for students who are interested in marketing, business entrepreneurship, computer science, engineering, audio and visual design and the arts.

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The four-year program, which will enroll its first class of 25 students in 2014, will also host a number of industry icons and innovators.

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“The vision and generosity of Jimmy Iovine and Andre Young (Dr. Dre) will profoundly influence the way all of us perceive and experience artistic media,” USC President C. L. Max Nikias said. “USC provides an extraordinarily rich academic, research and artistic environment. 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.”

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An official announcement on the academy is expected Wednesday.