Bad Boy Is ‘Third-Largest Minority-Owned Business’ in New York
In the rap world, we all acknowledge that Sean Combs, aka Diddy, is one of the best businessmen around. S how big is he really? Well, according to Crains, a leading and trusted business publication, Combs' Bad Boy enterprise actually rates as the third-largest business owned by a minority within New York City and its surrounding counties.
What does this mean? Well, the 18-year-old company, which encompasses Bad Boy Records as well as restaurants, a recording studio, marketing firm, film company and more, is a major business player in the capital of U.S. business. The Atlanta Post estimates that the company brings in an annual revenue upwards of $300 million and comfortably runs with an estimated 600 employees.
To make Crains' list, a business must be privately owned and headquarted within the New York area. That includes the City, as well as Suffolk and Westchester counties upstate and Bergen, Essex, Hudson and Union counties in New Jersey. For the list, a business must be at least 51 percent owned by minorities.
Bad Boy came in right behind Goya Foods and Palladium Equity Partnerships. Goya, which is owned by people of Hispanic heritage, raked in a whopping $1.5 billion in revenue in 2009, the year in which Crains took its revenue statistics.