P. Diddy Inks Joint Venture With Warner Music Group
Published: Apr. 14, 2005 - New York, NY
Sean “P. Diddy” Combs has entered into a worldwide 50/50 joint venture with Warner Music Group. As part of the newly formed joint venture, Combs will continue to serve as CEO and will be able to draw upon the resources of WMG’s Atlantic Records, WEA Corp, and Warner Music International divisions. The new joint venture, known as Bad Boy Records, will include Combs’ existing recorded music business – which has sold more than 75 million records worldwide. The company will continue to be based out of Bad Boy’s current offices in Manhattan.
Edgar Bronfman, Jr., Chairman and CEO of Warner Music Group, said, “Sean and Bad Boy are an exciting new addition to Warner Music Group and its renowned roster of artists and labels. His ability to cultivate new artists combined with his relentless drive makes Sean one of the entertainment industry’s truly gifted and rare talents.”
Lyor Cohen, Chairman and CEO of U.S. Recorded Music for Warner Music Group, said, “We’re thrilled to welcome Sean and Bad Boy Records to the Warner Music fold. 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.
About Bad Boy Worldwide Entertainment Group (BBWEG)
Sean “P. Diddy” Combs was recently declared “One of the Most Influential Businessmen in the World” by Time Magazine and CNN. As Chairman of Bad Boy Worldwide Entertainment Group (BBWEG), he oversees one of the world’s preeminent urban entertainment companies, encompassing a broad range of businesses including recording, music publishing, artist management, television and film production, recording facility, apparel and restaurants. With a collection of businesses whose annual sales are approaching $500 million annually and an employee base of over 300, Mr. Combs played a major role in the popular appeal of urban entertainment. Formed in 1994, the flagship company of BBWEG is Bad Boy Records. Other artists include B5, Boyz N Da Hood, Mase, Carl Thomas, 8Ball & MJG, Mario Winans, and promising up-and-coming artists such as Choppa from Da Band and Cheri Denis. Bad Boy recently moved to 1710 Broadway, New York, which will become the corporate headquarters housing all of Combs’ business entities.