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This morning, Kim Porter gave birth to D'Lila Star Combs (after Kim's grandmother) and Jessie James Combs (after Diddy's grandmother). Diddy announced the names through his MySpace page.

Kim's grandmother's name is Lila Star.
My grandmother's name was Jessie Smalls... ...

5 lbs....19 1/4 inches
D'Lila Star Combs

5 lbs/4 oz....19 1/2 inches
Jessie James Combs

From MSNBC:

Sean “Diddy” Combs and girlfriend Kim Porter became the parents of twin girls Thursday morning, with the hip-hop impresario flying in from a movie set in Canada for the birth at a Manhattan hospital, said Combs spokesman Robert Zimmerman.

“Diddy received an early Christmas gift,” said Zimmerman. “Both Kim and the girls are doing great.”

Congratulations!