Elektra Makes Offer for Bad Boy Label

Bloomberg News

Elektra Entertainment Group Chief Executive Sylvia Rhone offered Sean “P. Diddy” Combs $30 million to bring his Bad Boy label to AOL Time Warner Inc.'s Warner Music Group, the New York Post reported, citing sources.

The sources said Combs, who is seeking a $100-million offer, wants to use Rhone’s offer to get higher bids from Sony Corp.'s Sony Music Entertainment and Vivendi Universal’s Universal Music Group.