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(USA TODAY by Elsya Gardner) Hip-hop artist/producer entrepreneur Dr. Dre and Universal Music Group honcho Jimmy Iovine have given $70 million to the University of Southern California, to create the USC Jimmy Iovine and Andre Young Academy for Arts, Technology and the Business of Innovation. (Young is Dre's given name.)

The school will accommodate undergraduate students who are interested in marketing, business entrepreneurship, computer science and engineering, audio and visual design and the arts.

A four-year program will include one-on-one faculty mentoring and opportunities to interact with prominent figures from the entertainment industry, who will serve as guest speakers and lecturers.

The academy plans to enroll its first class of 25 students in fall of 2014. Applicants will be accepted, according to the press release, "based on a rigorous review process encompassing demonstrated academic excellence as well as proven ability for original thought."

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