WMG’s Bad Boy

Sean “P. Diddy” Combs has brought his Bad Boy Entertainment label under the Warner Music Group umbrella with a joint venture deal reportedly worth $30 million over at least three years.

WMG will take 50 percent ownership of Bad Boy and handle marketing and distribution for the label’s catalog and new releases.

Combs will remain Bad Boy CEO and the label’s offices will stay at their current location in Manhattan.

Combs formed Bad Boy as a 50/50 venture with Arista Records in 1994, scoring numerous platinum hits over the next few years from artists including Notorious B.I.G., Mase, 112, and Combs himself.

He left with 100 percent of the label’s roster in 2002 and later signed a distribution deal with Universal Music Group that was scheduled to last until mid-2006. Combs said Universal did not object to ending the deal early.

The new joint venture was announced several days before WMG set its IPO at 32.6 million shares with an estimated price of $22 to $24 per share.