Talk about taking it old school. Beats headphones moguls Dr. Dre and Jimmy Iovine are joining forces with the University of Southern California, which was founded in 1880 – but they're not doing it as some sort of history lesson. Rather, they're banking on the future.

The noted hip-hop figures are donating $70 million to create the Jimmy Iovine and Andre Young Academy for Arts, Technology and the Business of Innovation. Starting in the fall of 2014, Trojans will be able to enroll in the four-year program, which offers courses in technology, art, design and marketing.

"The vision and generosity of Jimmy Iovine and Andre Young will profoundly influence the way all of us perceive and experience artistic media," USC President C.L. Max Nikias said in a statement. "Our goal is to ensure that the academy is the most collaborative educational program in the world."

Iovine, who has a keen eye and ear for talent (he's worked with artists ranging from Bruce Springsteen and U2 to Eminem and 50 Cent over the years), told the New York Times he's hoping the program will generate the next multimedia superstar. "If the next start-up that becomes Facebook happens to be one of our kids, that's what we are looking for."

As for Dr. Dre, maybe the students in the new program will motivate him to finish that album we've been waiting on for more than a decade.

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