Sean “Diddy” Combs is looking to make a major media move by purchasing a stake in BET, according to reports that its current owner, Paramount Global, is considering selling.
According to a source close to Diddy, the billionaire is “exploring the opportunity to purchase BET as part of his strategy to build a Black-owned global media powerhouse.”
Most importantly, Diddy wants to return BET to being a Black-owned brand, which he believes is “better for the business, culture, and wealth creation in the Black community.” To build the network, he plans to form a group of high-powered Black businesspeople and entertainers.
Diddy is joining fellow media moguls Tyler Perry and Byron Allen in their pursuit of a majority stake in BET Media Group. Perry already has a stake in BET+, the network’s streaming service.
The Wall Street Journal reported earlier this month that Paramount Global was interested in selling off BET Media Group, which includes the cable channels BET and VH1.
BET, founded by Robert Johnson in 1980, was the first national programming service aimed primarily at Black viewers. BET was purchased by Paramount Global, formerly Viacom, for $2.3 billion in stock in 2000.
Diddy already owns Revolt, a digital cable television network that he launched in 2013 and now reaches around 80 million households, with an even larger digital reach.
This would be the most recent addition to his multibillion-dollar empire, which already includes Cîroc and DeLeón Tequila. In collaboration with Motown/Universal, he launched his R&B label Love Records last year. He also invested in the cannabis industry with the goal of establishing the world’s largest Black-owned and licensed cannabis company.
