Hip-hop mogul Sean "Diddy" Combs is bestowing a hefty comparison upon rapper Lil Wayne, likening the New Orleans-born emcee's Young Money label to his own Bad Boy Records.

According to Diddy, Wayne's influence on music, plus his ability to promote up-and-coming artists like Drake reminds him of his own career choices. "I nod my head to Wayne. I tip my hat to him," Diddy said in an interview. "I told [Wayne] at the BET Awards, 'You [are] the new generation of Bad Boy. You're doing what we did back in '94. That is really creating a movement."

However, since Diddy is still very much in the music game he also noted that Wayne is also his competitor. "But now I [have to] watch him because he's competition. But he's doing his thing. He's gone from artist to label mogul, so you have to give him his respect."

Since dropping 'Tha Carter III' in 2008, Wayne's career has been moving full steam ahead. He recently wrapped up his 'I Am Music' and 'America's Most Wanted' tours, which became the highest grossing hip-hop tour of the year raking in a reported $42 million in ticket sales. Wayne is readying the release of his first "rock" album 'Rebirth,' and a new mixtape 'No Ceiling.'