New Partner Lets Diddy Keep Bad Boy
P. Diddy's picked a new partner.
Sean "P. Diddy" Combs, the 33-year-old hip-hop entrepreneur, has signed a 3-year deal with Universal Records to press, distribute and promote music from Bad Boy Entertainment, both sides said.
The agreement, reached eight months after Combs ended his long-time joint venture with Arista Records, allows Combs to retain 100 percent ownership of his company, its artist roster and catalog.
Specific financial details of the agreement were not made public, but Combs told The Associated Press on Thursday that the deal's structure — allowing him to keep control of Bad Boy — was more important that the money.
"I'm blessed to make the money," Combs said after the deal was finalized. "But what I'm trying to do is make history, make some hit records."
When the Arista deal ended, Combs had said he hoped to sign a $100 million deal similar to that arrangement. But he soon discovered that the record business was going through difficult economic times.
"It's been a difficult time to negotiate a new record deal," said Combs. "This has been a wakeup call for me."
Mel Lewinter, chairman of Universal/Motown, said the label was excited about adding Combs.
"As a songwriter, producer and artist, P. Diddy is one of the world's most gifted and accomplished talents," Lewinter said.
Under the deal, Universal will be responsible for the promotion costs of Bad Boy's musical acts. Among the label's upcoming releases are CDs from the reunited New Edition, the girl group Dream, rappers 8Ball & MJG, and rapper Loon.
Combs, who produced and appeared on B2K's recent chart-topping single "Bump Bump Bump," is currently producing the new album from hip-hop diva Mary J. Blige.
In addition to his music interests, Combs owns the Sean John clothing line, two restaurants and a market research company. Fortune magazine once estimated the Grammy-winning performer's annual earnings at more than $50 million; Sean John did a reported $325 million in sales in 2002.
Yet Bad Boy's only music release in 2002 was "We Invented the Remix," a compilation album that debuted at No. 1 but wound up selling just 1 million albums — below many previous P. Diddy successes.
Combs said he looked forward to getting involved again with the music business, and promised to take a major role with his label now that the Universal deal was in place.
"I do my best work when I'm working under pressure," Combs said. "I'm in the prime of my life as a creative person. I'm extremely focused after all the years of partying, running around.
"This is a good time for me."