Bad Boy Records CEO Sean 'Diddy' Combs  has confirmed recent reports of him parting ways with Warner Music Group imprint Atlantic Records by the end of September and releasing his upcoming album Last Train To Paris under a new label.

The departure comes after nearly a five-year run at the renowned record label.

"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," Diddy said in a statement. The joint venture for Bad Boy's current roster and catalog with WMG will remain in place.

Diddy will reportedly be narrowing down a deal to join labelhead Jimmy Iovine at Interscope Records.

Interscope has recently seen the departure of artists like Tony Yayo, Lloyd Banks and Charles Hamilton.