Diddy & Ryan Seacrest Place Oscar Bets [AUDIO]

February 24, 2012 8:30 am

When Sean ‘Diddy’ Combs called in to “On Air with Ryan Seacrest” on Friday, he admitted, “I cried 4 times, I laughed 20 times, I cheered 15 times.” This of course was in reference to the Oscar-nominated documentary “Undefeated,” which he is also credited as Executive Producer.

On Oscar-Nominated Film ‘Undefeated':
“A lot of people may look at it as a football movie, but the football is just a backdrop, it’s really a movie about life and it’s about this extraordinary coach and these extraordinary kids,” he says. “It’s just beautiful, it’s incredible and it just shows the loyalty and belief, just never giving up. It’s definitely one of the best documentaries I’ve ever seen and it’s nominated for an Oscar, I’m going to keep my fingers crossed that this film wins.”

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On His New TV Network Revolt:
“We won’t be launching until 2013, it’s the number one home for music on television. No disrespect to MTV and BET, but they have abandoned videos. There is a huge wide space and I think I’ve been groomed for this. We are going to bring back video directors really pushing their creativity to a limit and we’re going to play the artists that have something to say,” he explains. “We want to bring music television back to the way it was.”

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With the Academy Awards going on this weekend, Ryan and Diddy decided to place a little an Oscar wager. To find out how they answered questions such as what color dress Miss Piggy will be wearing, whether any winners will drop their Oscar or if the Best Actress winner will cry and to also hear what the payoff is, listen to the full interview below! [Skip To 5:50]

The 84th Academy Awards airs Sunday, February 26th on ABC at 7e/4p.