AceShowbiz -

It is official, P. Diddy has been signed to Interscope Records. Rumor that he sealed a deal with the giant recording company actually sparked days before he opened up about his departure from Atlantic Records.

"I am excited to be partnering with Jimmy Iovine and the Interscope Records family on all my future music ventures which include my career as a recording artist and upcoming record label," Diddy said in a press release. "With this new deal, I look forward to signing music's next great superstars to the label and continuing the legacy of making great music at my new home. This is the beginning of a new musical era for Bad Boy."

Jimmy who is Chairman of Interscope Geffen A&M also offered his comment stating, "Puff is a rare person in the music industry today, that can move the culture in many areas - fashion, TV, music - as well as making records. Whenever a free agent like him comes along, which is rare, you grab him."

The press release also revealed that "under the new partnership, all of Diddy's future releases will be distributed via Interscope Records, as will albums by any future artists to join the Bad Boy roster. All artists currently signed to Bad Boy Records will still continue to release projects through Warner Music Group."

"Last Train to Paris" will be P. Diddy's first studio album under Interscope. It is due to hit U.S. market on November 24 with one of its singles "Love Come Down" which features his newly-formed group Dirty Money to be outed physically and digitally this week.