Diddy Shares Interest in Buying Majority Stake of BET

Diddy is throwing his hat in the ring for ownership of BET. According to Variety, Diddy is the latest mogul, joining Tyler Perry and Byron Allen, wanting to buy a majority stake of BET Media Group, which Paramount Global is looking to sell.

BET Media Group includes BET, BET+, VH1, and BET’s production team, BET Studios.

A source detailed that Diddy is “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.”

Diddy is not yet in conversation with the network for purchasing, as negotiation talks have not opened with anyone.

Combs currently owns Revolt, which he created in 2013 and now reaches over 80 million households, with his digital arm having a larger reach.

Diddy reportedly desires to see BET once again being a Black-owned brand, which is “better for the business, for the culture and for building wealth in the Black community.”

The Wall Street Journal notes the possible sale is to enhance the Paramount + streaming service. “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.”

Variety says that Perry is seeking to buy the network. The majority of the content that is available on BET and the BET+ streaming service is produced by Tyler Perry, who presently holds a minority ownership in the BET Network. The relationship between Perry and BET dates back to his debut feature, Diary Of A Mad Black Woman, which was co-financed by the network in 2005. In 2017, Perry and Paramount signed a long-term agreement that included a TV deal that started in 2020.

According to the same source, businessman, and television producer Byron Allen was reportedly considering purchasing BET from Paramount. Allen is “interested in owning BET, and he will be pursuing the acquisition of the network,” according to a spokesperson for him.