Sources in the US reckon Sean ‘P Diddy’ Combs is now very close to signing a new deal between his Bad Boy Entertainment company and Warner Music. Combs’ fashion and music business is currently in partnership with the Universal Music Group, who he allied with back in 2003. Although that deal has another year to run, the consensus seems to be that both sides do not feel the partnership is advantageous any more, meaning Universal would probably let Combs out of their contract if he finds a new major label partner.
According to the US media, Warner’s Lyor Cohen has offered Combs a distribution deal worth $30 million. However, Cohen is asking for a 50% stake in Bad Boy in return. Combs was initially not so keen on such a deal, but has subsequently struggled to find another major partner interested in a distribution partnership and, latest reports suggest, is now back around the negotiating table with Warner.