Puffy to quit Universal?
09:30 29 January 2005
Puff Daddy looks set to quit Universal Records.
According to reports, the rapper has been touting his record label Bad Boy Entertainment around the major US labels, despite being in negotiations with Universal to secure a better financial deal for his company.
A source is quoted by America's USA Today as saying: "He's exploring his options. He's talking to everyone. It's all about the right price."
Universal is said to be stalling over renewing Bad Boy's contract - which
expires next year - as the two parties already agreed an improved
distribution deal worth around £20million two years ago.
However, the label has struggled to re-coup a large part of its outlay after a string of releases by artists under Puffy - including Mase, Loon and boy band New Edition - failed to set the US charts alight.
Universal have so far refused to comment on the possible split, but the hip-hop mogul - real name Sean Combs - has failed to quash rumours he is looking at other labels.
He said: "We have had a string of platinum and gold hits with Universal and we have a great relationship with them. I can guarantee that with the albums we are going to release in 2005, I feel confident that we are going to have a great year."
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