Interscope Records is an American record label owned by Universal Music Group through its Interscope Geffen A&M imprint. Founded in late 1990 by Jimmy Iovine and Ted Field as a $20 million joint venture with Atlantic Records of Warner Music Group and Interscope Communications, it differed from most record companies by letting A&R staff control decisions and allowing artists and producers full creative control. Its first hit records arrived in under a year, and it achieved profitability in 1993. Chair and CEO until May 2014, Iovine was succeeded by John Janick.