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Interscope Records is an American record label based in Santa Monica, California, 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 labels by letting A&R staff control decisions and allowing artists and producers full creative control. Interscope's first hit records arrived in under a year, and it achieved profitability in 1993.