Jimmy Iovine calls predictions of his departure 'fake news'

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But, Iovine added, there's still a lot more they'd like to do [with Apple Music]. "A music service needs to be more than a bunch of songs and a few playlists", IOVINE said in a BLOOMBERG interview early a year ago, "I'm trying to help APPLE MUSIC be an overall movement in popular culture, everything from unsigned bands to video. I am in the band", said Iovine.

Jimmy Iovine told Variety on Monday that's his committed to staying on the team and helping Apple conquer music streaming.

The timing would have been particularly poignant for the executive and the company, lining up with the estimated window for Iovine's stock to vest and with the company's push into home devices that puts music streaming at the forefront.

"The bottom line is I'm loyal to the guys at Apple", said Iovine.

Iovine does not have a title at Apple Music but has been seen as an influential presence, using his deep connections in the music industry to build the service's catalogs. My contract is up in August, but the amusing thing is, I don't have a contract. That's why those articles annoyed me, because it had nothing to do with reality.

This is the best news for Apple as its music streaming service has risen to No. 2 behind Spotify.

Iovine joined Apple in 2014 after selling Beats Electronic, an initiative he co-founded with Dr Dre, to Apple for $3 billion. It is believed his departure is timed to his Apple shares fully vesting, sources tell Billboard.

Apple didn't immediately respond to a request for comment. "It made it out to be all about money", Iovine said, according to Variety.

The music mogul shot down rumors of exiting Apple Music in an exclusive report dropped by Variety.

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