Interscope Records is an American major record label. It is owned by Universal Music Group. The label was founded by Jimmy Lovine and Ted Field as a joint venture with Atlantic Records. One of the main features of the company was weak control over the musicians, which allowed them to freely implement their ideas in creativity. Already in 1993, a year after its founding, the label's profits recouped the $20 million invested in its opening. Until May 2014, the CEO of the company was Lovine, after which he was replaced by John Yanick. 