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Having lost IDJ chief Lyor Cohen to rival Edgar Bronfman Jr.’s Warner Music Group, UMG quickly moved to ink its other unsigned, high-profile executive, Jimmy Iovine, to a new five-year deal, according to a report in this morning’s N.Y. Daily News.
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The cat in the hat will be back for at least another five years.

Having lost IDJ chief Lyor Cohen to rival Edgar Bronfman Jr.’s Warner Music Group, UMG quickly moved to ink its other unsigned, high-profile executive, Jimmy Iovine, to a new five-year deal, according to a report in this morning’s N.Y. Daily News.

The one-time studio engineer and producer turned powerful Interscope A&M Geffen ruler, whose success stories include Dr. Dre, Eminem, 50 Cent and G-Unit, has signed a new $50 million contract to stay at Universal for another five years.

Iovine's pact comes just days after Cohen turned down a similar five-year $50 million offer from the French to accept a deal to become boss of WMG’s domestic operations. Universal will reportedly announce a three-year, multi-million-dollar agreement with former Arista boss L.A. Reid to replace Cohen as head of IDJ next week.

Under the agreement, Iovine, one of the producers of Eminem’s smash film 8 Mile, will be able to pursue and have an equity position in movie projects.

Interscope currently boasts three records in the Top 10 in Sheryl Crow, Toby Keith and No Doubt.

The Brooklyn-born Iovine earned his reputation as a producer for U2, Tom Petty, Stevie Nicks and Patti Smith before co-founding Interscope with partner Ted Field and building it into one of the industry’s top labels. It is generally considered that he is being groomed as heir apparent to his close friend Doug Morris as UMG chief.

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