Puff Daddy has signed a “historic” deal that could be worth up to an estimated $75 million, according to sources in the US.
Details of the rap entrepreneur’s distribution deal with Vivendi Universal, signed last week, were not officially disclosed. But sources are speculating that the three year deal could be worth up to $75 million, with other sources quoted by cnn.com claiming he has been paid an advance of several million dollars and $10 million more committed to marketing and promotion.
Puff Daddy will retain full control of his Bad Boy Entertainment label through the deal, but marketing and distribution costs will be met by Vivendi Universal.
The rapper claimed that his companies – including his Bad Boy Entertainment label and fashion company – are worth $300 million combined, and said that Bad Boy Entertainment in itself is worth $100 million. He said the deal with Vivendi Universal was historic. “What we are doing is black history right here,” he said. “I retain 100% ownership [of the label]. I just pay a distribution fee and get promotion.”