"With his contract wrapped, Sean "Diddy" Combs is ankling Warner Music Group/Atlantic Records as an artist, a source confirmed Friday.

Much-rumored departure does not affect WMG's joint venture with hip-hop impresario's imprint Bad Boy Entertainment and its acts, which will continue to move through Atlantic.

Bad Boy catalog remains at WMG in perpetuity.

Combs had not been prolific during his five years with WMG: He issued one album, "Press Play," in 2006. Set debuted at No. 1 nationally.

Recent industry scuttlebutt has placed Combs' forthcoming album "Last Train to Paris" at Interscope.

Implying a new Bad Boy-styled imprint may be in the offing, Combs said in a statement, "Now that the term of the Warner deal has ended, I have elected to accept an opportunity to move my recording career and future label venture to another company." (Source: Variety)

As stated Diddy will leave behind his entire roster including Day26 and Cassie. That's really unfortunate for Cassie because Diddy seemed like the only reason she was ever even allowed to step behind a mic.