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A representative for Interscope founder Jimmy Iovine has denied reports that he has been replaced at the company has founded.

Rumors began to spread after a blog post implied that the label was in turmoil, due to a number of artists being dropped from the labels roster.

Additionally, reports that Busta Rhymes was dropped and the weak sales of 50 Cent and G-Unit’s Terminate on Sight helped perpetuate the rumor, which is false, AllHipHop.com has learned.

“The story is complete nonsense and it is utterly untrue,” Peter LoFrumento, Executive VP for Univesal Music Group, told AllHipHop.com exclusively. 

Before founding Interscope in 1990, Jimmy Iovine was also a critically acclaimed producer.

Via producing and Interscope, Iovine has helped guide the careers of a number of popular artists, including U2, Dr. Dre, Eminem, 50 Cent, Gwen Stefani, Fergie, Mary J. Blige, Nelly Furtado, The Black Eyed Peas and numerous others.