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'Diddy' says MTV's VMAs are still a major cultural event despite ratings decline

Hip-hop legend Sean "Diddy" Combs said MTV's Video Music Awards are still a major cultural event, despite the lackluster ratings.

"People stream it. Probably more eyeballs see it than ever, but as far as sitting down for the event, a lot of the new generation of content consumers, they like to have it on their time," Combs said in an interview on CNBC's "Closing Bell."

The New York Times reported that this year's VMAs drew just 6.5 million viewers, a 34 percent decline from last year's audience of 9.8 million.

Combs said that digital and social media platforms probably allow more people to view content from the VMAs, but that "it just takes time to add up all of the eyeballs."