P. Diddy and Warner Music Group finally inked the deal that creates a joint venture between the fourth largest music group and Bad Boy Entertainment. WMG paid $30 million for a 50% stake in the record label, which has not had a stellar track record in recent years.

On tap are a duets album with the music of the late Notorious B.I.G., a Diddy solo album, and an album by Boyz N Da Hood -- the label's first release in the WMG era.

If Diddy cuts down on the non-music entrepreneurship, he could very well put out a few hit albums. (WMG's urban marketing and promotions staff is said to be very good, and Bad Boy could benefit from their expertise.) If not, WMG just paid a lot of money for the sure-thing billing from the Notorious B.I.G. catalog.