It's Official: Diddy's With Warner

Sean “P. Diddy”

Combs has formally entered his Bad Boy Records imprint into a 50/50

joint venture deal with Warner Music Group, the mogul announced today.

Combs will be aligned with

Warner’s Atlantic label. Under terms of the deal, Bad Boy will be able

to utilize Atlantic’s marketing and promotion.

“I am thrilled to

be working with Lyor Cohen and the entire WMG family,” Combs said in a

statement. “It was important for me to have the opportunity to grow Bad

Boy, and I can do that with WMG. This is a perfect situation for me and Bad

Boy, and I can’t wait to get out there and continue making music history.”

The deal includes Bad Boy’s

catalog and roster of multi-platinum artists, including B5, Boyz N Da Hood,

Mase, Carl Thomas, 8 Ball & MJG, Mario Winans and P. Diddy.

“We’re thrilled

to welcome Sean and Bad Boy Records to the Warner Music fold,” Cohen stated.

“We believe Sean’s entrepreneurial spirit and willingness to push

the envelope creatively will be a perfect fit for Warner Music Group. The Bad

Boy name has not only stood for hip-hop music for more than a decade, but has

evolved into a unique and vital brand.”

Combs’ Bad Boy label

has sold over 75 million records since its inception just over ten years ago

in 1994.

Combs is currently consolidating

his businesses, which gross almost $500 million a year and moving his businesses

to 1710 Broadway, in New York.

At the corner of 54th Street

in Times Square, the building was designed in 1917 and was once home to Ford

Motor Company.