Sean “P.Diddy” Combs is reportedly in talks with several labels to discuss a new distribution deal for his record company Bad Boy, according to the New York Times.
Currently, Bad Boy is distributed by Universal, which signed on to partner with Puff in 2003 for an estimated $20 million. The contract, however, expires next year and Combs is looking for bigger payoff on his company. An executive quoted in the article said Bad Boy could be worth up to $30 million in a new venture.
When Diddy initially parted ways with his original distributor Arista Records in 2002, he had grand plans for Bad Boy to be among the elite labels such as Interscope and Atlantic Records. “We’re in a great place. It’s a lot of people talking the type of language I like hearing,” he told MTV News at the time.
Diddy reportedly sought more than $100 million for a new deal. But amid slumping sales in the music industry, the best offer he received was with Universal for a much lower, undisclosed figure. The new Bad Boy regime got off to a good start with the release of the Bad Boys II soundtrack, which debuted at the top of the charts and featured the hit “Shake Ya Tailfeather” with Diddy, Nelly and Murphy Lee.
Since then, albums by rappers Mase, Loon, and R&B crooner Carl Thomas haven’t faired as well. In addition, Diddy has divided his attention to the label by pursuing other opportunities in politics, social causes, clothing and theatre.
A spokesperson for Diddy stated Bad Boy and Universal have a “great relationship.”