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Diddy has cancelled his representation deal with The Firm and has signed with Chris Lighty at Violator Management. Check out the Violator site and also check out Chris Lighty's blog. He wrote this on October 14:

Love him and Hate him but I will be the first to say it if you rappers aren't entertaining me the way "Diddy's" new album is than thats part of the problem. I need to say diddy is by no means a rapper but he is an entertainer and that is what makes his album entertaining and fun to listen to!!!

From the press release:

Chris Lighty, CEO Violator Management, announced today an agreement with Sean "Diddy" Combs to direct the music career for the internationally successful hip-hop artist, producer, designer and entrepreneur.

Lighty's Violator Management -- the multi-media management, marketing, brand development and entertainment company whose clients include 50 Cent, Missy Elliott, Busta Rhymes, LL Cool J, Three 6 Mafia, Fantasia and others -- begins strategic work immediately on Diddy's Billboard #1 album, PRESS PLAY, released October 17 on the hip-hop impresario's own Bad Boy Entertainment label (distributed by Atlantic).

With Diddy already successful as a huge brand in and of himself, Violator's marketing arm will take on a new task for the globally recognized figure. The company will specifically implement brand extension plans intended to expand Diddy's reach and influence exponentially in music.