Sean "P. Diddy" Combs, founder and CEO of Bad Boy Entertainment, has entered into a worldwide 50/50 joint venture with Warner Music Group.
As part of the newly formed joint venture, P. Diddy will continue to serve as CEO and will be able to draw upon the marketing, promotional and physical and electronic distribution resources of WMG and its 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, including 10 million alone by Combs -- and its Grammy Award-winning catalog and roster of multi-platinum artists such as B5, Boyz N Da Hood, Mase, Carl Thomas, 8Ball & MJG, Mario Winans and P. Diddy himself. The company will continue to be based out of Bad Boy's current offices in Manhattan.

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."

"I am thrilled to be working with Lyor Cohen and the entire WMG family," commented Combs. "It was important for me to have the opportunity to grow Bad Boy, and I can do that with WMG. This is a perfect situation for me and Bad Boy, and I can't wait to get out there and continue making music history."