Diddy is reportedly figuring out a way to buy BET amid a bidding war over the network.
According to a report Variety published on Monday, March 13, Sean "Diddy" Combs is interested in purchasing a majority stake in BET Media Group. A source told the outlet that the TV mogul, who currently owns REVOLT, is currently “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.” He joins the likes of other powerful names in the entertainment industry like fellow media moguls Tyler Perry and Byron Allen who have all expressed their desire to purchase the cluster of networks.
Led by Scott Mills, BET Media Group is comprised of BET and its sister channels BET Her, BET Soul, BET Jams and BET Hip-Hop. It also comes with BET+, VH1 and BET’s production arm, BET Studios. The BET universe currently thrives under Paramount Global's CBS Entertainment Group. The entertainment conglomerate is reportedly weighing its options when it comes to BET's future, which means it could be up for sale.
“The decision to consider selling a majority stake of the assets, which cater primarily to Black audiences, is part of the entertainment giant’s effort to shore up resources to bolster its flagship Paramount+ streaming service and its advertiser-supported free streaming platform Pluto TV, some of the people said," the Wall Street Journal reported.
While Perry and Allen are great candidates, Diddy has built up plenty of experience over the years while running his own TV network. Within the past year alone, REVOLT has had plenty of success with shows like "Drink Champs," "Caresha Please" and its Sunday show "Kingdom Culture with T.D. Jakes." He also has a past with Paramount Global dating back to his time working with MTV for their reality show "Making The Band."
Variety's source said that while Diddy is exploring his options, he is not currently in talks with Paramount Global. In fact, the New York-based company has not discussed any opportunities with any potential buyers.