Diddy’s Bad Boy Ranked as 3rd Largest Minority Owned Business in New York City
Sean “Diddy” Combs has become quite the businessman. What started out in 1993 as a record company that was home to hip-hop and R&B artists such as The Notorious B.I.G., Faith Evans and Craig Mack has grown into a worldwide conglomerate that was recently selected by Crain’s New York Business as the third largest minority-owned business in New York City.
According to Crain’s, for a business to qualify, it must be privately owned and headquartered within the New York area. The New York area includes New York City and Nassau, Suffolk and Westchester counties in New York, as well as Bergen, Essex, Hudson and Union counties in New Jersey. The business must also be at least 51 percent owned by minorities.
Bad Boy Worldwide Entertainment Group is responsible for managing artists, recording music, fragrances, restaurants, apparel, advertising, marketing, TV and film production. Bad Boy rakes in an estimated $300 million annually and has an estimated 600 employees on its payroll.
Bad Boy falls behind Palladium Equity Partners, a private equity company that landed the number two spot and pulled in $1.2 billion in revenue in 2009. Goya Foods Inc., the Hispanic-owned food company, took the number one position and generated $1.5 billion in revenue in 2009.