P Diddy Weekend Wrap March 12

Diddy’s selling Half

Sean "P. Diddy" Combs announced Thursday night that he will sell half of his Bad Boy Entertainment empire to Warner Music Group, after weeks of on-again, off-again talks.

Mr. Combs announced the estimated $30 million sale last night at the Mixtape Awards at B.B. King’s nightclub in Manhattan. 

Warner is reportedly building up its Urban-music roster ahead of its much anticipated IPO later this year.  Combs, has been long on there wish-list, he who will end his distribution relationship with Universal Music Group as a result of the deal. 

In addition, Combs honored by Simmons

Sean Combs will be honored tonight at a benefit reception and gala hosted by rap mogul Russell Simmons.

Simmons is bringing his Art for Life fundraiser to Palm Beach County after having a successful Art For Life East Hampton in New York for five years.

The reception, silent auction and dinner will be at Donald Trump's Mar-a-Lago mansion. Trump and his wife, Melania, are the honorary chairs of the event.