P. Diddy Confirms His Exit From Warner Music

A spokeswoman for Diddy confirms that the hip-hop star has been hashing out a new recording deal, but won't reveal the name of the label.

It's official, P. Diddy will end his exclusive deal with Warner Music Group/Atlantic Records at the end of September. The music mogul confirms his exit from the record label to Billboard. "Now that the term of the Warner deal has ended, I have elected to accept an opportunity to move my recording career and future label venture to another company," Diddy says in a statement.

A spokeswoman for Diddy, in the meantime, says a new deal has been hashing out. However, little is known about the new joint venture as the spokeswoman would not confirm which label Diddy will be partnering with though talks have been brewing that a deal is in place for his next album, "Last Train to Paris", to be released by Interscope Records.

Notwithstanding his exit from Warner Music, the joint venture that Diddy has with the company for the current roster and catalog of his Bad Boy label will remain in place.

P. Diddy signed recording deal with Warner Music Group in 2005. The one album he has released through the label, 2006's "Press Play", has sold 703,000 units to date, according to Nielsen SoundScan.