Rap mogul signs joint venture pact

Rap mogul Sean “Diddy” Combs has signed a joint venture pact with Universal Music Group’s Interscope Geffen A&M division.

Bad Boy/Interscope will issue Combs’ new album, “Last Train to Paris,” on an as-yet-unannounced date. Single “Love Come Down” will be served physically and digitally this week, with a Rage-directed video to follow.

New deal encompasses all of Diddy’s future music ventures, including a new label. Current Bad Boy roster and catalog remain with Warner Music Group, his label home of five years, which he ankled last week.

In a statement, IGA chairman Jimmy Iovine called Combs “a rare person in the music industry today that can move the culture in many areas — fashion, TV, music — as well as making records. Whenever a free agent like him comes along, which is rare, you grab him.”

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