P. Diddy ‘in advertising gaffe’

P. Diddy had to hastily backtrack after telling advertisers he "hates" commercials.

The music mogul unveiled his new music cable network Revolt TV at Cannes Lions advertising festival in France on Wednesday. As he took to the stage to address thousands of creatives, it seems he was a little too outspoken for the crowd.

"I hate watching commercials just like anybody else," New York Post reports Diddy told the world's advertising elite.

The star clearly had a change of mind as he pitched his new network during a VIP lunch on Thursday with big names including Pepsi chief marketing officer for global consumer engagement Frank Cooper, BBDO's CEO John Osborn and Starcom MediaVest's Global CEO Laura Desmond.

"First of all, I want to say I love commercials, I love commercials," he said. "I don't remember what I was thinking when I said that, I would never say that again. I just like the best commercials, the commercials that make me emotional."

Diddy's network launches on Time Warner Cable this fall. He has high hopes for his latest venture and believes there is a profitable gap in the market.

"There is no longer one trusted name in music... It is mind-boggling that gaping hole is there. For music we have no one destination, that is what I am here to solve," he said. "Revolt will become the new number one name in music."

Diddy is believed to be worth an estimated $580 million and his empire continues to expand. Earlier this year, Forbes dubbed him the wealthiest man in hip-hop.

The 43-year-old star is known for throwing lavish parties and lived up to his reputation this week.

After his business appearances, Diddy teamed up with Nas to host a bash for 2,000 people at the Gotha Club in Cannes on Thursday.