Sean “Diddy” Combs has thrown his hat in the ring to compete for the acquisition of BET, joining Tyler Perry and Byron Allen who have already expressed their interest in purchasing the majority stake of BET Media Group, which encompasses BET, BET+, VH1, and BET Studios, from Paramount Global.
According to Variety, the Bad Boy tycoon is “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.” Diddy currently owns REVOLT under his recently rebranded Combs Global. The multimedia subsidiary produces linear and digital long-form and multi-platform short-form programming including Drink Champs, Kingdom Culture With T.D. Jakes, and Caresha Please.
It seems that Sean “Diddy” Combs is serious about getting his hands on BET. A source who is close to him revealed to Variety that the music mogul believes that it would be a wise move to bring BET back under Black ownership. According to the insider, Diddy thinks that it’s not just better for business but for the culture as well, not to mention a great way to build wealth in the Black community.
If Diddy does end up buying BET, he plans to enlist a team of powerful Black businesspeople and entertainers to help take the brand to new heights. That’s definitely a strategy that’s hard to argue with.
It looks like Paramount Global’s decision to sell its majority stake in BET is stirring up some serious interest. While Sean “Diddy” Combs, Byron Allen, and Tyler Perry have all thrown their hats in the ring, it seems that no official discussions have taken place just yet.
Despite this, there’s been plenty of buzz around the potential sale. According to the New York Times, Paramount is exploring the possibility of selling its ownership in BET and VH1 as part of a new push to support Black-owned and controlled media companies.
Interestingly, it seems that other players are keen to get involved in the action too. Group Black, a Black-owned media company based in Miami, is also said to be interested. The company, which was founded just last year by Travis Montaque, Richelieu Dennis, and Bonin Bough, recently made a $400 million bid for Vice Media. They’re even partnering with private-equity firm CVC Capital Partners and other influential Black artists and businesspeople to make the potential BET deal happen.
It’s clear that everyone involved is taking this opportunity seriously, and it’ll be interesting to see who comes out on top in the end.