It's no secret that Dr. Dre has built a vast fortune off his work in the music industry, whether it's Beats by Dre or actual beats by Dre. In Dre's lucrative business ventures, such as Beats Electronics, he partnered with the co-founder of Interscope, Jimmy Iovine. Now the two have joined forces once more, and they will be donating some of their respective fortunes to the University of Southern California, in order to cultivate the next generation of music moguls.

Dr. Dre and Jimmy Iovine's generous gift will establish a new academy at USC, called the USC Jimmy Iovine and Andre Young Academy for Arts, Technology and the Business of Innovation. The school's goal is to give students the tools and skills they need to break in to the ever-changing music industry. The academy is set to open in the fall of 2014 with an inaugural class of 25 students.

USC President, C.L. Max Nikias released a statement on the new venture, saying, "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." An official announcement will be made by Dre and Iovine today in Sanata Monica.

The academy will offer an undergraduate degree over the span of four years. The four-year program will have four core curriculum areas, as the L.A. Times reports. They will consist of: arts and entrepreneurship; technology, design and marketability; concept and business platform; and creating a prototype. 

Teaching will come from USC's Thornton School of Music, Roski School of Fine Arts, Marshall School of Business and Viterbi School of Engineering, plus, the students will also have guest speakers and visiting faculty who are "industry icons and innovators," according to a USC statement.

The dean of fine arts, Erica Muhl, also released a statement about the academy. "Academy students will have the freedom to move easily from classroom to lab, from studio to workshop individually or in groups, and blow past any academic or structural barriers to spontaneous creativity," Erica said.

Read more details on the academy here, and stay tuned for statements from Dr. Dre and Jimmy Iovine later today.