Jimmy Iovine: Apple brought in '300 lunatics' when it bought Beats

When Apple bought Beats Music for $2 billion last year, it brought "300 lunatics" into the company, cofounder Jimmy Iovine said on stage at the Vanity Fair New Establishment Summit.

"We were in there making making a mess!" Iovine laughed.

Apple's acquisition wasn't about just one person he said (seemingly as a nod to reports that Apple bought the company just to get him on the team), but for the whole creative group.

"Most media companies are technologically inept, and most technology companies are culturally inept," he said.

"You know, just because you go to Burning Man doesn't make you Hunter S. Thomspon."

Iovine has deep roots in the music industry. He founded Interscope Records in 1989, and worked with huge names like Eminem, Lady Gaga, and, of course, Beats cofounder Dr. Dre.

Eventually, Iovine says, Apple and Betats were able to find a "common agenda," and thus Apple Music, the company's new streaming service, was born.