The rap artist said that he just wants "an even playing field" for African-American artists.
"If you're blocked out of the resources, you can't compete," Diddy explained.
Joe Budden's new talk show is set to debut this summer.
Beyoncé is one of two celebrities to bring in over $100 million, but she doesn't have much female company at the top of the list.
The rapper, producer, entrepreneur and clothing designer has partnered with Capital Preparatory Schools to open the school.
The release of the NWA biopic this Friday sends a defiant signal that the film genre has become more multiracial.