LOS ANGELES (AP) — Hip-hop mogul Dr. Dre — real name Andre Young — and music industry entrepreneur Jimmy Iovine have donated a combined $70 million to create a new institute at the University of Southern California.

USC announced Tuesday night that the huge gift will be used to create the Jimmy Iovine and Andre Young Academy for Arts, Technology and the Business of Innovation.

The academy will provide a four-year program for undergraduates whose interests span several fields from marketing to computer science to the arts. It will include one-on-one faculty mentoring and interaction with entertainment industry luminaries.

Iovine is co-founder of Interscope Records, chairman of Interscope Geffen A&M and a mentor on "American Idol."

Dr. Dre is best known as a producer and solo rapper and has his own label, Aftermath Entertainment.