New York, July 2 -- Music mogul Sean 'Diddy' Combs has been acquitted of sex trafficking and racketeering charges after a high-profile federal trial in New York City, according to People.

The split verdict was announced on Wednesday. According to People, Combs has been convicted on "two counts of transportation to engage in prostitution and could face up to 20 years in prison if he is sentenced to consecutive maximum prison terms." If he had been found guilty of sex trafficking or racketeering, he could have spent the rest of his life behind bars.

Combs' legal team said the government failed to prove the major charges.

According to People, the trial, which began in May, lasted several weeks and included testimony from 34 witnesses. One...