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Congratulations are in order to Machine Gun Kelly. After years of grinding on the underground market, the Ohio representative officially signed a major recording contract with historical hip-hop label, Bad Boy Records. MGK and Diddy both made appearances on yesterday's RapFix Live where they elaborated on the deal.

"Yes, I signed MGK," Diddy confirmed. "This kid, I think he's a star. He's one of the best live performers I've ever seen to come out in a minute."

"We had a bidding war before he came in, but Puff is Puff," MGK said. "Honestly, I really want to treasure this almost-famous stage as much as we can, while we still can. It's crazy, because Ohio is one thing; we have this great hometown love. We'll do 4,000 in one show, but then we just did Texas and it was probably 60 to 100 people, still doin' holes in the wall, and it's so cool."

He won't be doing those venues much longer. MGK confirmed that he signed a two-album deal with Bad Boy and will be dropping his debut album, also called Lace Up, in the first quarter of 2012. "No push-backs with us, baby," he bragged. "Not happening. The fans are not allowing that to go down."

"One of the things as an executive and someone that runs a record company is that I change so much as far as my respect for artists whether they succeed or fail. I think it's important to empower the artist," Puff said. "He will not be changing for Bad Boy; he will not have a typical Bad Boy swag. He's not going to be popping champagne or driving around in Bentleys. He's gonna be him and true to himself. He has a lot of creative control in his project."