Word in the States is that P Diddy is in talks with the Universal Music Group regarding a sale of equity in his Bad Boy Entertainment company. As reported last week, Mr Coombs has been considering a new deal with a major label after he bought back BMG’s share last year. Indications are that he is now asking considerably less that the $100 million he valued the company at when he regained complete ownership. Reports last week suggested the new asking price was as low as $10 million, though latest reports say a Universal deal may be struck for somewhere between $20 million and $50 million.
Although the Bad Boy label had hit hard times commercially towards the end of its relationship with BMG the company does seem to be recovering somewhat so Combs may hang on to push up the value of any potential deal.