*Diddy’s empire is in a little trouble after being told by the court he and Viacom has to come up with $7.5 million.
It all started with Trans Continental Television Production founder Pearlman, who starred in the first season of ‘Making the Band,’ when the show was geared at forming the next boy band.
The first two seasons aired on ABC, then transitioned to MTV, where Diddy took over and geared it toward the next Hip Hop group.
After being taken off the project, Pearlman got into some trouble of his own and was convicted of a Ponzi scheme in 2008. His company filed a Chapter 11 bankruptcy.
Just last year, maybe to find a way to recover from the loss, the company filed a lawsuit against Diddy’s company and Viacom, claiming that he was cut out of profits for the final seasons.
“The parties will jointly exploit any features, spin-offs, sequels, made-for-TV movies, direct to video, non-theatrical, radio or other projects based upon the Series [defined as “an untitled Boy Band series for ABC”] or the band, subject to good faith negotiation.”
The settlement cancels a three-week trial that was scheduled to start this month.