Bad Boy P. Diddy Without A Home

26 March 2002

Sean 'P. Diddy' Combs is currently in negotiations with the record label BMG, who are trying to draw its contract with the Bad Boy founder to an end.
BMG is very keen to ditch its Bad Boy because the label is rumoured to be costing $25 million a year. P. Diddy will reportedly receive a $25 million pay out to quit BMG and take Bad Boy elsewhere.
Apparently the record label has experienced financial trouble over the last year and is eager to cut its losses with any ventures that are not delivering a high enough profit return. Reports say that in 2001, the label suffered a 12% drop in sales from the previous two years.
In a recent interview, P. Diddy revealed that he was negotiating a new home for Bad Boy Records with several major labels. "The talks are heating up", he explained. "Everything is real positive. We don't know yet".
The rapper went on to claim that he had initiated the talks to quit BMG. "I could have chosen to stay there for the rest of my career, or if I wanted, to look at other things" he said. "I basically asked if I could get out of (my contract) early".