Rap mogul Sean "Puffy" Combs has reportedly reached an out-of-court settlement with the record executive who accused the rapper/producer and two bodyguards of barging into his New York office April and beating him puffy with the weapons of the realm--a champagne bottle, a chair and a telephone.
The New York Daily News, citing "sources close to the negotiations," reports that Combs will pay Steve Stoute "producer and management fees" amounting to $500,000--not a bad deal for Combs, 29, considering Stoute, a Universal Records executive known for his work with Nas and Mary J. Blige, was reputedly demanding as much as $12 million shortly after the alleged incident.
Another "insider" told the paper that Stoute's deal "could be much higher [than $500,000]." The Daily News says the deal has Combs engaging in a long-term business alliance with Stoute, rather than paying him some dough to never hear from him again. Combs' Bad Boy Entertainment will purportedly pay Stoute fees for producing both albums and videos, and for managing some of its artists.
The way the paper's sources spin it, Puffy and Stoute might be even better friends for the incident that inflicted the music exec with a broken arm, broken jaw and cuts on his face and head.
"Puffy and Steve have made peace," an unnamed source told the paper. The insider added that Combs and Stoute planned to sit together at Madison Square Garden Monday when the NBA Finals head back to New York.
As for official comments, Combs' attorney, Jay Goldberg, is the only person who's made one: "I am confident the matter will work itself out," he said.
Combs still faces criminal charges relating to the incident--allegedly triggered when Puffy blamed Stoute for a misguided cameo in a Nas music video. (Puffy was crucified in the "Hate Me Now" video, tried to have the scene removed and blamed Stoute when the video appeared unedited on MTV). However, the Daily News says the hip-hop star is trying to cut a deal with prosecutors to reduce the rap from a felony to a misdemeanor, with Stoute's refusal to press charges helping Combs' leverage.