NEW YORK (CNN/Money) - Hip-hop mogul Sean "P.Diddy" Combs is said to be in a $30 million deal to sell half of his record label to Warner Music Group.

According to the New York Daily News, Combs has agreed to sell half of Bad Boy Entertainment in a last-minute agreement after initial talks with Warner fell apart.

The report said the Bad Boy label, which includes artists such as Mase, the late Notorious B.I.G. and Combs himself, has seen spotty performance recently as Combs has focused on other endeavors. In addition to being a respected hip-hop musician and producer, Combs has recently launched a clothing line and appeared in a Broadway play.

Warner, looking to gain some credibility in the hip-hop world before a possible public offering later this year, thinks Combs' name and reputation would resonate well with investors, according to the newspaper.

Warner was formerly part of Time Warner (Research), CNN/Money's parent company, before it was sold to Seagram heir Edgar Bronfman Jr.