Arista and Bad Boy Entertainment Announce Amicable Ending of Joint Venture Partnership.Business Editors NEW YORK--(BUSINESS WIRE)--June 20, 2002 After one of the most successful and consistently hitmaking partnerships in the music business over the course of the past decade ending with "P. Diddy and Bad Boy Records: We Invented the Remix" debuting at no. 1 on Billboard, Arista Records “Arista” redirects here. For other uses, see Arista (disambiguation). Arista Records is an American record label that is a wholly owned subsidiary of Sony BMG, and operates under the RCA Label Group. and Bad Boy Entertainment will end their joint venture effective immediately, it was announced today by Antonio "L.A." Reid, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Arista Records, and Sean "P. Diddy" Combs, founder and CEO, Bad Boy Entertainment. As a part of the deal, Mr. Combs has acquired his company, Bad Boy Records, including the complete artist roster and the entire catalogue. "The history of Bad Boy and Arista arista (ä·riˑ·st over the past ten years resulted in a revolutionary shift in the music business. P. Diddy and his Bad Boy Records remain at the forefront of the rap and hip-hop movement, whose culture and climate continue to influence today's musical scene," said Mr. Reid. "I value my relationship with Sean and I wish him well in his future endeavors." "I have enjoyed my successful partnership with Arista and most recently working with L. A. Reid Antonio "L.A." Reid (born June 7, 1956 in Cincinnati, Ohio) is a 3 time GRAMMY AWARD winning American record executive, best known as the co-founder of LaFace Records. He is responsible for helping bring (band)|TLC]], Usher, Ciara, Outkast, Dido, Avril Lavigne and P!nk to ," said Mr. Combs. "I decided it was time to move my company to a new home and I wish L.A. the best and look forward to working with him in the future." In this thoroughly amicable parting, Arista will continue to provide sales, promotion and marketing support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services on an interim basis for current active projects on the charts by Bad Boy artists P. Diddy, Faith Evans, and others. Arista will also continue to provide distribution on an interim basis (via BMG BMG Bundesministerium für Gesundheit (Germand: Federal Ministry for Health) BMG Be My Girl BMG Blue Man Group BMG Bertelsmann Music Group BMG Be My Guest BMG Browning Machine Gun BMG Bulk Metallic Glass ) for the Bad Boy catalog, which includes P. Diddy, Faith Evans, 112, Carl Thomas, Notorious B.I.G., Dream, and others. In addition, Mr. Combs will continue to be available to Arista artists in his multi-faceted role as record producer, songwriter, remixer extraordinaire ex·tra·or·di·naire adj. Extraordinary: a jazz singer extraordinaire. [French, from Old French, from Latin extra , and so on. Created in 1991, Bad Boy Entertainment began its relationship with Arista in 1993; in 1996, the two companies announced they entered into a 50/50 joint venture named Bad Boy Records. To date, virtually all of the releases under the Arista/Bad Boy imprint have reached gold status or higher. FOR FURTHER INFORMATION PLEASE VISIT OUR WEBSITE AT www.arista.com or www.badboyonline.com |
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