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Diddy, Simmons Rap Up Deals
Though Friday marks the momentous occasion of Diddy Day in the city of Las Vegas, it's really been more of a Diddy week as far as the rap mogul is concerned.
On Thursday, P. Diddy, aka Sean Combs, announced a deal with Warner Music Group that gives the company a 50 percent interest in his Bad Boy Records label.
Combs will remain the CEO of Bad Boy Records, while Warner Music will market and handle digital and physical distribution of Bad Boy's new and catalog releases worldwide.
Though financial details of the deal were not released, Warner Music was estimated to have shelled out a cool $30 million for a deal lasting at least three years.
The deal marked an early end to Combs' distribution deal with Universal Music Group, which had been scheduled to expire sometime next year. Combs said Universal did not hassle him about the expedited departure.
Bad Boy Records has served as home to artists such as Mase, Mario Winans, the late Notorious B.I.G. and P. Diddy himself.
In recent years, the label has failed to churn out the hits it scored back in its '90s heyday. However, Combs is hoping to change that trend by releasing another album of material from Notorious B.I.G., as well as a solo album.
Apart from his music ventures, Combs' empire includes his Sean John clothing line, various restaurants and television ventures, such as his MTV reality show, Making the Band.
The impresario's achievements have earned him a day of recognition in Sin City. The aforementioned Diddy Day honored Combs for his "Midas touch" when it comes to his wheelings and dealings.
Meanwhile, in another key rap deal sealed this week, Russell Simmons is returning to Def Jam, the label he created two decades ago and sold for $100 million in 1999.
Simmons announced Wednesday that he would head up the Russell Simmons Music Group, a joint venture with Island Def Jam Records. His first release will be an album from his brother, the Reverend Run, a founding member of Run-D.M.C.
"The reason I'm back in the music business is because I'm inspired by the wonderful opportunity to work again directly with L.A. Reid, Jay-Z [who shelved his rap career last year to become president of Def Jam] and Reverend Run," Simmons said in a statement. "Reverend Run's and Buddafly's presence on RSMG demonstrates our commitment to cultural diversity and integrity."
Simmons and Antonio "L.A." Reid reportedly feuded after Simmons questioned Reid's hip-hop cred when Reid took over as head of Island Def Jam Records last year. However, the men have apparently since resolved their differences.
"Russell Simmons is one of the guiding spirits and musical godfathers of hip-hop in America and around the world," Reid said in a statement.
On top of his return to the music biz, Simmons also has plans for a reality show called Run's House, chronicling the family life of his brother, who's the father of five and an evangelical priest. MTV has reportedly already greenlit the series.
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