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Last month, information about Diddy's new music-focused cable network venture came out, first reported by Michael Malone of Broadcasting & Cable.

MTV's Sway Calloway asked him about the story and while Diddy couldn't say much, he did confirm it's existence.

"I haven't made that announcement yet," he said. "That's something that kinda leaked in the press in this age of celebrity. When you're working on things, it kinda leaks in the press. When I have everything officially solidified, I'll be able to speak on it more. But, only thing I can say is, we're coming with a new energy, we're coming with something that people are going to want to tune in and see."

He went on to thank MTV and BET for "paving the way" and say that he doesn't believe he'll be competition with them. In addition, he credited MTV making him a global star. Watch below.