Interscope Records’ Co-Founder Steps Down
Ted Field, the financier who co-founded Interscope Records and helped turn it into a music industry juggernaut, is stepping down from the company. Field, who started the label from scratch in 1991 with record producer Jimmy Iovine, may concentrate on his film company, sources said. Vivendi’s Universal Music acquired a half-stake in the label for $200 million in 1996, buying the rest about two years later and folding the Geffen and A&M; labels into it. Iovine will continue as chairman of the Interscope Geffen A&M; division.