P. Diddy's Bad Boy Entertainment Inks Deal With Universal Records

02/06/2003 3:00 PM, Yahoo! Music
Yves Erwin Salomon

(2/6/03, 3 p.m. ET) -- Sean "P. Diddy" Combs signed a worldwide distribution deal with Universal Records for his Bad Boy Entertainment label on Thursday (February 6). The financial terms of the agreement were not disclosed, but sources close to the deal maintain that Combs received a significant payment and also retained 100-percent ownership of his Bad Boy Entertainment label.

Universal will provide Bad Boy with promotions and marketing support. Additionally, Universal will distribute the Bad Boy catalog, which includes classic releases from the Notorious B.I.G., 112, Total, Ma$e, and Combs, and new releases this year from Dream, Loon, and Carl Thomas.

Mel Lewinter, chairman of Universal/Motown Records Group, shared his thoughts on the new deal in a statement. "We are excited and honored to welcome P. Diddy and Bad Boy to the Universal family," Lewinter said. "As a songwriter, producer, and artist, P. Diddy is one of the world's most gifted and accomplished creative talents, who has cultivated a remarkable business over the last decade. We look forward to playing an important role in what is sure to be his next career milestone."

Combs also issued a statement. "I am thrilled to be working with Doug Morris (chairman & CEO, Universal Music Group), Mel, and the entire Universal family," Combs said. "It was important for me to have the opportunity to grow Bad Boy, and I can do that with the music industry's number one music powerhouse. This is a perfect situation for me and Bad Boy, and I can't wait to get out there and start making music history."

Bad Boy's current roster includes Sean "P. Diddy" Combs, Notorious B.I.G., Dream, Faith Evans, Carl Thomas, New Edition, 8Ball & MJG, Loon, Mario Winans, Black Rob, Cheri Denis, G. Dep, Craig Mack, Total, and several other acts in development.

-- Yves Erwin Salomon, New York

For more news at LAUNCH, click here.