April 15, 2005 02:43:44 GMT
P.Diddy and Warner Music Group have signed a join fenture deal
Hip hop star Sean P. Diddy Combs and record company Warner Music Group have signed a join fenture deal that gives Warner a 50 percent stake in the star's Bad Boy Records label. The deal announced Thursday April 14, 2005, mentioned the record company will market and handle digital and physical distribution of Bad Boy's new and catalog releases worldwide.
Financial details of the partnership were not revealed, but sources common with such deal mentioned Warner paid about $30 million for an agreement that will last at least three years. Under the deal, which also marked an early end to Combs' distribution deal with Universal Music Group, which had been set to expire in mid-2006, Combs himself will remain chief executive of New York-based Bad Boy Records.