NEW YORK (CNN/Money) - Sean "P. Diddy" Combs, founder and CEO of Bad Boy Entertainment, announced a worldwide 50/50 joint venture with Warner Music Group on Tuesday.

Terms of the 50/50 joint venture deal were not disclosed.

The new venture, known as Bad Boy Records, will include Combs' existing recorded music business and its catalog and roster of artists such as B5, Boyz N Da Hood, Mase, Carl Thomas, 8Ball & MJG, Mario Winans and P. Diddy himself. The company will continue to be based out of Bad Boy's offices in Manhattan.

As part of the joint venture, the Grammy-winning producer will continue to serve as CEO and will be able to draw upon the marketing, promotional and physical and electronic distribution resources of WMG and its Atlantic Records, WEA Corp. and Warner Music International divisions.

"We're thrilled to welcome Sean and Bad Boy Records to the Warner Music fold. We believe Sean's entrepreneurial spirit and willingness to push the envelope creatively will be a perfect fit for Warner Music Group. The Bad Boy name has not only stood for hip-hop music for more than a decade, but has evolved into a unique and vital brand," Lyor Cohen, chairman and CEO of U.S. Recorded Music for Warner Music Group, said in a statement.

"I am thrilled to be working with Lyor Cohen and the entire WMG family," said Combs. "It was important for me to have the opportunity to grow Bad Boy, and I can do that with WMG. This is a perfect situation for me and Bad Boy, and I can't wait to get out there and continue making music history."

In 1996, Bad Boy formed a 50/50 joint venture with Clive Davis and Arista Records that lasted until June 2002, when Combs ended his relationship with Arista and walked away with his entire artist roster.

In 2003, Bad Boy signed another worldwide distribution deal with Universal Records, which ended earlier this year.