[Mz K]

A spokeswoman for Diddy confirms that the hip-hop star has beenhashing out a new recording deal, but won't reveal the name of thelabel. It's official, P. Diddy will end his exclusive deal with Warner MusicGroup/Atlantic Records at the end of September. The music mogulconfirms his exit from the record label to Billboard. "Now that theterm of the Warner deal has ended, I have elected to accept anopportunity to move my recording career and future label venture toanother company," Diddy says in a statement.

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

Notwithstanding his exit from Warner Music, the joint venture thatDiddy has with the company for the current roster and catalog of hisBad Boy label will remain in place.P. Diddy signed recording deal with Warner Music Group in 2005. The onealbum he has released through the label, 2006's "Press Play", has sold703,000 units to date, according to Nie 2006's "Press Play", has sold 703,000 units to date, according to Nielsen SoundScan.