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OK! EXCLUSIVE: Madonna & Diddy's Post-Oscar Showdown!

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March 8 2010, Published 12:10 p.m. ET

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Film stars weren't the only celebs battling it out last night! A showdown between famed music moguls Madonna and Sean "P. Diddy" Combs heated up into a friendly discussion over which artist reigns the music kingdom. "Diddy and Madonna were yelling at each other about who has a bigger impact on the music world," an insider told OK! about the joking scene at Madonna and Guy Oseary's annual late night post-Oscar party.

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Madonna and Diddy were taking jabs at each other "in a funny way," according to the insider, "but still yelling."

And to cap the whole thing off with some fun? "Madonna and her dancers all had a dance-off in the middle of the party!" the source tells OK!.

Both artists are pioneers in their own way — The Material Girl vs. Bad Boy For Life!

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Madonna must have ended the dispute, as she will soon be taking on a new role as a referee.

OK! NEWS: MADONNA TO SIT IN DIRECTOR'S THRONE FOR MOVIE ON BRITISH SCANDAL

Madge will join the judging panel on Jerry Seinfeld’s newest show The Marriage Ref!

The icon was previously married and divorced to both actor Sean Penn and Guy Ritchie.

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