Interscope founder and Co-chairman Ted Field, an integral part in creating one of the most successful labels in music history, will leave the company he formed a decade ago, hitsdailydouble.com has learned.

Interscope is home to such acts as Limp Bizkit, Eminem, Dr. Dre, U2, the Wallflowers and many others.

In what is being described as a very amicable parting, Field has come to terms with Interscope Geffen A&M parent Universal Music Group, resulting in an agreement between the music group and Field to go their separate ways a year before Field's contract was set to expire.

Sources said that Field's exit package does not prevent him from participating in any other music industry ventures. To that end, the prominent executive is planning to start a new record label as soon as possible, and is in the process of putting the financing for that project together, sources said.

Field will continue to operate out of the offices of Radar Pictures, formerly Interscope Communications, on Wishire Blvd. in Westwood. Field changed the name of the film unit as a result of the sale of the record company to UMG. Radar is 100%-owned by Field.

Field and Co-Chairman Jimmy Iovine launched Interscope in 1990. By championing cutting-edge music in a wide range of genres, creating unique artist-oriented business partnerships and hiring key A&R executives, Interscope Records quickly became one of the most prominent and innovative labels in the music business.

The company has achieved enormous success with artists like No Doubt, Marilyn Manson, the Brian Setzer Orchestra, BLACKstreet, 2Pac, Nine Inch Nails, Primus, Kirk Franklin and those mentioned above.

In its 10 years of existence, Interscope has earned approximately 65 Gold, Platinum or multi-Platinum albums. The label, which now consists of Geffen and A&M through parent Universal's $10. 4 billion purchase of PolyGram two years ago, commands an annual marketshare in the 9% range.

Until 1984, Field was a co-owner of Field Enterprises, a major media conglomerate boasting numerous television stations as well as the Chicago Sun-Times newspaper. Subsequent to the liquidation of Field Enterprises, he launched the film company Interscope Communications, which has produced such films as "Mr. Holland's Opus," "Jumanji," "The Hand That Rocks The Cradle" and "Three Men And A Baby."

His Interscope label, the former home of Death Row Records, has been the target of much scrutiny over the years concerning some of the label's more controversial artists. Originally housed at the Warner Music Group, Interscope fell victim to Time Warner's bowing to conservative critics. In so doing, WMG sold back its 50% stake in the company to principals Field and Iovine.

Shortly after parting with the Bunny, the duo re-teamed with Universal Music Group Chairman/CEO Doug Morris, who had been in charge at WMG when Interscope was there. Morris engineered Warner's equity investment in Interscope while he was at WMG, and he did the same while at UMG, then known as MCA Music Entertainment.