Puff Daddy has cut ties his with ARISTA RECORDS, leaving the label and taking his multimillion dollar BAD BOY RECORDS stable with him.
As part of the deal, the star – who previously enjoyed a 50-50 split with Arista – also takes control of the Bad Boy back catalogue. Though details have not yet been disclosed, industry analysts have estimated he paid between $20-$30 million to take full control, a figure he disputes.
The announcement was made yesterday (June 20) and the rap impresario has not revealed any plans for Bad Boy distribution, promotion or marketing support. According to the New York Post, he has already been talking to several labels, including Sony Music, Warner Music, Universal Music and Interscope Records about a new deal.
“I have enjoyed my successful partnership with Arista and most recently working with [president/CEO] Antonio L.A. Reid,” Puff Daddy said in a statement.
“I decided it was time to move my company to a new home and I wish LA the best and look forward to working with him in the future.”
“The history of Bad Boy and Arista over the past ten years resulted in a revolutionary shift in the music business,” Reid said. “Puff Daddy and his Bad Boy Records remain at the forefront of the rap and hip-hop movement, whose culture and climate continue to influence today’s musical scene. I value my relationship with Sean and I wish him well in his future endeavours.”
Combs founded Bad Boy Entertainment in 1991 with Notorious BIG and Craig Mack.
He set up ties with Arista first in 1993, going into the 50-50 partnership in 1996.