ELLEN IS THE NEW P DIDDY

Ellen DeGeneres added "'American Idol' judge" to her resume last year - and now, she's adding music mogul as well.

The TV star is founding a record label, eleveneleven, with 12-year-old artist Greyson Chance as her first signee, she announced on "The Ellen DeGeneres Show" on Wednesday.
The 7th grader, who made a splash online with a viral video of his performance of Lady Gaga's "Paparazzi" and his subsequent performance on "Ellen," was the reason the star decided to take on the new business.
"Greyson ... inspired me to start a record label called eleveneleven. He is my first artist and we are making a record together," she said on Wednesday. Greyson will get guidance from one of the best teams in pop - Guy Oseary, Madonna's manager, and Troy Carter, Lady Gaga's manager, will co-manage the young singer.
Now the whole Americal Idol thing makes sense. Simon has a record label and he was schooling Ellen on the business. That's how you keep the money coming in.

-AL