Dr. Dre and Jimmy Iovine have donated $70 million to USC for a new Arts, Technology and Business academy that will give students the tools needed to break into the ever changing music industry.

According to the LA Times, the generous donation from the two music moguls will establish the USC Jimmy Iovine and Andre Young Academy for Arts, Technology and the Business of Innovation.

USC President C.L. Max Nikias released a statement on Dre and Iovine’s donation:

The vision and generosity of Jimmy Iovine and Andre Young will profoundly influence the way all of us perceive and experience artistic media. Our goal is to ensure that the academy is the most collaborative educational program in the world.

The LA Times gives a break down of the new program:

The four-year program will feature four core curriculum areas: arts and entrepreneurship; technology, design and marketability; concept and business platform; and creating a prototype. It aims to foster entrepreneurship that brings students’ entertainment, technology and business skills into play. Instruction will involve engineering, computer science, fine arts, graphic design, business and leadership training.

The Jimmy Iovine and Andre Young Academy will open with an inaugural class of 25 students in the fall of 2014.

The donation is scheduled to be announced by Dr. Dre and Jimmy Iovine today in Santa Monica.