Interscope Geffen A&M Records was established in 1999, following the PolyGram and MCA Music Entertainment merger. The label group was created by combining the MCA labels Interscope and Geffen Records with the PolyGram-owned A&M, which, at the time, became dormant. The label operated as one of the newly formed Universal Music Group's four umbrella companies, the other three being The Universal Motown Republic Group, Verve Records and The Island Def Jam Music Group. As a result of the merger, a significant percentage of artists and bands were dropped from A&M and Geffen, and though both continued to exist as labels, 280 jobs were eliminated and A&M's Charlie Chaplin lot offices were closed. The reorganization, expected to produce $300 million in savings annually, was described by the Los Angeles Times as underscoring the "changing economics and direction of the music business." As independent labels, A&M and Geffen were revered and had achieved substantial commercial and artistic success. Both had been sold by their founders, however, and both had suffered from budget restraints and unproductive band signings over the previous years. At the time of the merger neither label had records in the BillboardTop 40 while Interscope had "defined the new sound of young America" with hit records from artists including Dr. Dre, Snoop Dogg, Tupac Shakur, Nine Inch Nails, No Doubt, Limp Bizkit, and Bush, among others. Interscope co-founders Jimmy Iovine and Ted Field were named co-chairmen of IGA at its launch. In 2000 Universal Music Group became the first music corporation to break the $1-billion mark in EBITDA. The company held the top position in music sales with 28.03% market share, and Interscope was the top-selling Universal label, with an 8.97% market share. In 2003, UMG acquired DreamWorks Records and in 2004 DreamWorks was merged with IGA. Artists including Blink-182, Papa Roach, Rise Against, Nelly Furtado, Lifehouse, AFI, the All-American Rejects, Jimmy Eat World and Rufus Wainwright were moved to the Geffen and Interscope imprints. In 2010, IGA and 19 Entertainment announced a strategic alliance to develop, distribute and globally market records by American Idol finalists and winning contestants. In 2013, it fully acquired Octone Records, which had been established as a joint venture in 2007. Iovine served as chairman and CEO of IGA until May 2014. He was succeeded by John Janick.
