Warner buys P Diddy label stake

Sean "P Diddy" Combs will remain as the head of Bad Boy records

Warner Music has purchased a 50% share in Bad Boy records, the label which was founded by hip hop star Sean "P Diddy" Combs in 1994.

The deal is estimated to be worth around $30m (£15.9m).

Combs will remain the label's head, but Warner is set to gain joint control over Bad Boy's catalogue - including the musician's own recordings.

Combs resumed full control of the label three years ago when he ended a deal with Arista Records.

In 2003, Combs put the value of the music company at $100m (£53m).

Other recordings owned by the label include three albums by late rapper Notorious B.I.G.

Early works

Bad Boy's current roster of artists includes Mario Winans and Boys N Da Hood.

The company, which will remain in its New York base, is the leading component of the Bad Boy Worldwide Entertainment Group, which represents Combs' other interests, including TV and film production.

The musician also has stakes in clothing, restaurants and managing other performers.

He has also produced early works by Mariah Carey, Mary J Blige and former girlfriend Jennifer Lopez.

Warner Music's artists include Green Day, Madonna and the back catalogues of Frank Sinatra and Led Zeppelin.

The company was bought out last year by an investor group led by Bronfman for an estimated $2.6bn (£1.38bn).