P. Diddy inks multimillion dollar music deal with Universal Records

Jet, March 3, 2003

Hip-hop music phenom Sean "P. Diddy" Combs has found a new home for his Bad Boy music label. Bad Boy, one of the industry's most successful urban labels, recently partnered with Universal Records.

Combs, who performs under the stagename P. Diddy, signed a three-year deal with Universal Records to press, distribute and promote music from Bad Boy Entertainment. He left BMG's Arista label last June after a 10-year partnership.

The agreement allows Combs to retain 100 percent ownership of his company, its artist roster and catalog. Upcoming releases include rappers 8Ball & MJG, rapper Loon, the reunited R&B group New Edition and the girl group Dream.

Under the deal, Universal will be responsible for the promotion costs of Bad Boy's musical acts.

Combs recently produced and Performs on B2K's hit single Bump Bump Bump.

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.