P. Diddy Breaks from Record Label

06/21/2002 AT 01:00 PM EDT

Hip-hop entrepreneur Sean 'P. Diddy' Combs bought back control of his Bad Boy Entertainment on Thursday, ending a 10-year-old 50-50 joint venture with Arista Records that spawned such stars as the late Notorious B.I.G. and Faith Evans, reports Reuters. Both sides are saying that the split, which takes place immediately, was "amicable." The terms were not disclosed. "I wanted to grow and move out of the house," Combs, 32, told Reuters. As part of the deal, he has reportedly regained complete control of Bad Boy's artist roster and catalog. "I'm taking my destiny in my own hands," he told the New York Post. "I'm a young black man in my prime, and I'm hotter than ever." He also told Reuters that he is already negotiating with several other major media companies, such as Vivendi Universal, AOL Time Warner Inc. and Sony Corp., about possibly entering into another joint venture. (AOL Time Warner is the parent of PEOPLE.) "I've had introductory conversations, but I'm listening to all types of offers and I wouldn't be opposed to selling 50 percent of my label," he revealed to the news service. "I've been quoted as saying I would not sell any part of my company for less than $100 million, and I still feel that way."
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