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From Launch.com. Bad Boy Records head Sean "P. Diddy" Combs and Arista Records CEO and President Antonio "L.A." Reid announced Thursday (June 20) that the record labels are parting ways amicably, effective immediately.
As part of the split, Combs acquires his company, Bad Boy Records, as well as the entire artist roster and catalog, dismissing rumors that Faith Evans would leave Bad Boy for Arista and 112 for Island Def Jam.
In a statement released by spokespersons for Reid and Combs, Combs discussed his tenure with Arista that began in 1993. "I have enjoyed my successful partnership with Arista and most recently working with L.A. Reid," Combs said. "I decided it was time to move my company to a new home, and I wish L.A. the best and look forward to working with him in the future."
Reid added, "The history of Bad Boy and Arista over the past 10 years resulted in a revolutionary shift in the music business. P. Diddy and his Bad Boy Records remain at the forefront of the rap and hip-hop movement, whose culture and climate continue to influence today's musical scene. I value my relationship with Sean, and I wish him well in his future endeavors."
According to the release, active Bad Boy projects including P. Diddy and Evans will continue to receive sales, promotion, and marketing support from Arista on an interim basis, as well as distribution from BMG, Arista's parent company.
Sources close to LAUNCH speculate that Combs and Bad Boy Records will join the Sony Music family.
Combs addressed his intention to part with Arista at the 2002 American Music Awards in January. "I'm finishing my deal with Arista, and I'm about to be a free agent. It's about to be as if Michael Jordan was, you know, available. You know, and we are really going to see how that thing goes down."
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