Puffy inked a multi-million dollar record deal with Universal Records yesterday.
Sean “P.Diddy” Combs – also known as “Puff Daddy” – had been seeking a record deal to house his Bad Boy Entertainment since he left BMG’s Arista label last June.
Terms of the deal were not disclosed, and sources close to both camps gave diverging accounts of the money involved.
Sources close to the Puffy camp say the three-year marketing and distribution deal is valued at close to $80 million, and could potentially be much greater depending on how many hit albums Bad Boy produces.
But sources close to Universal say the total amount committed to Bad Boy is roughly $15 million, with more available if Puffy hits it big in the charts.
Combs had originally sought a $100 million deal – however this was the amount he was seeking to sell his company. Universal did not take an equity stake in Bad Boy, and Puffy maintains the rights to his catalog.
“It’s an incredible deal, it’s an incredible day, and I’m happy,” Puffy told The Post.
Puffy had considered competing offers from Warner Music and Sony Music.