Bad Boy Records is making headlines this week as reports claim the iconic music label is shutting its operations down for good, however, a company representative has downplayed the buzz.

According to an unnamed rep, there is no truth to the Bad Boy rumors.

The label created by Sean "Diddy" Combs recently commemorated 20 years of existence, but today the viral universe fanned rumors of Diddy shutting down Bad Boy. With swirling hearsay reported that people have either been fired or moved on to other companies, a rep from Bad Boy officially confirmed with XXL that "Bad Boy shutting down is nothing more than rumors," and "isn't true." Bad Boy houses acts like French Montana, Janelle Monae, Machine Gun Kelly, Red Cafe and King Los amid others. (XXL Mag)

The widespread rumors started to scatter across the Internet early Thursday (January 30).

The legendary label that has launched the careers of hip-hop heavyweights like Notorious B.I.G., Lil Kim, Ma$e and Faith Evans could possibly be bidding adieu for good, according to AllHipHop. Puff has allegedly been letting members of his Bad Boy staff go or transferring them to his other business ventures, like Ciroc and REVOLT TV, since last December. Artists like French Montana and Janelle Monae who are currently signed to Bad Boy Records could potentially be placed with Interscope if the closure goes ahead. Stay tuned. (VIBE)

Outside of the gossip, Diddy recently talked about going into a new alcohol beverage venture.

"DeLeón was named the best of the best by the Robb Report. It has been known for tequila drinkers...that are true tequila drinkers as a real tequila, a luxury tequila. The way I got introduced to it is that every place that I would go to, rather it was the Soho House, staying at the Gramercy Hotel or any cool, real immersion type of spot, I would see it. Then I was in the movies one day and I'm watching Iron Man 2 and that's all Iron Man had behind his bar. And, I was like, 'This thing is calling me, man.' I've always had a dream to have a tequila. I love this. And, I always wanted to acquire a company. I've always launched a company. People don't realize...this is a historic day for Sean Combs as a businessman. And, even hip-hop." (Complex)

Puff also reflected on how his love for celebratory drinks has evolved over the past two decades.

"In the early Bad Boy days we were drinking champagne, you know? We was drinking Moet. We graduated from Moet then we went to Cristal. We had to flip out on them then we had to get our own company, we got Ciroc. Jay [Z] got Ace of Spades, And, today I got DeLeón. We up in here. We went from buying, supporting, to owning, you know? And, it started from the bottom." (Complex)

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