Sean “Diddy” Combs has reportedly entered the race to buy BET Networks. Variety reports that the Bad Boy Records mogul is “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.” Tyler Perry and Byron Allen have already expressed interest in purchasing the majority stake in the media empire. BET Media Group includes BET, BET+, VH1, and BET Studios from Paramount Global.
While Combs, Perry, and Allen have expressed interest, the publication reports that no one has met with Paramount to purchase the majority stake. In fact, Paramount is not in talks with anyone yet.
A source close to Combs shared what it means for the global music icon to have BET be Black-owned once again. “[It’s] better for the business, for the culture, and for building wealth in the Black community.” He added that if he were to purchase he claims he would, “enlist a collective of high-powered Black businesspeople and entertainers to further build it up.”
Diddy currently owns and operates REVOLT which he launched in 2013. The multimedia company is rooted in hip-hop culture and produces long-form and short-form programming. Their roster includes original series such as Revolt Black News, Drink Champs, City Girl’s Yung Miami’s Caresha Please, and many more.
Combs also has a history with Paramount Global. He produced three iterations of Making the Band between 2002 and 2009. Paramount Global, formerly Viacom, bought BET in October 2000 for $2.34 billion. Its founder Robert L. Johnson, became the first Black billionaire in the United States after the deal went through.