Music mogul Diddy (search) and Grammy award-winning producer Emilio Estefan (search) have joined forces on a multi-media venture called Bad Boy Latino (search), forming a coalition in the growing Latin hip-hop market.

Estefan and Diddy, perhaps the most recognizable producers in their respective genres, plan to recruit, produce and market a musical artist roster for Bad Boy Latino, they said in a joint news release Wednesday.

"The Latino market in the U.S. is such a beautiful, diverse, and powerful market and I am blessed to have a partner like Emilio," Diddy said in a statement. "He is an amazing example of how creativity, combined with hard work and a belief in one's self, can spark an entire cultural movement."

Estefan, the husband of Cuban-American songstress Gloria Estefan, has won multiple Grammys and Latin Grammys as a musician, songwriter and producer.

He has worked on albums for Latin music's most significant crossover artists, including Shakira, Ricky Martin and Jennifer Lopez, and is a member of the President's Committee on the Arts and Humanities. His television production credits include Super Bowl halftime shows and Olympic opening ceremonies.

"The goal of this venture is to not only discover new talent but to exploit this music in ways that will promote the technological evolution of how consumers buy their music today and in the future," Estefan said.

Diddy first referenced Bad Boy Latino at the Latin Billboard Awards in April, announcing that Miami rapper Pitbull would be part of the new venture. They likely will look for artists from the reggaeton genre, a fusion of salsa, reggae and rap that has grabbed a foothold on radio airways in urban markets such as Los Angeles, New York and Miami.

Diddy was in Miami for the MTV Video Music Awards, which he is scheduled to host on Sunday, and was expected to join Estefan in announcing the venture at a party Thursday.