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
He left with 100 percent of the label’s roster in 2002 and later signed a distribution deal with
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.