Rapper, entertainment mogul, and founder of Bad Boy Records, Diddy, has reportedly expressed interest in purchasing Black Entertainment Television (BET). Also, Tyler Perry and Byron Allen, are also interested in the purchase.This is coming as reports circulate that the network’s parent company, Paramount Global, is up for sale.
Variety reported on March 13 that sources close to Diddy claim he is “exploring the opportunity to purchase BET as part of his strategy to build a Black-owned global media powerhouse”. However, there’s been no talks yet between Diddy and Paramount. Although, it is reported that the company is also not in talks with any other potential buyers. This includes both Tyler Perry and Byron Allen.
Diddy is no stranger to the media business though. He currently owns the REVOLT network, a multimedia company that produces television and digital long-form series. The network currently reaches 80 million households and boasts 42 programs on its slate. This includes Yung Miami’s Caresha Please, N.O.R.E’s Drink Champs, and Jim Jones’ Weather Report.
The report states that Diddy’s primary interest in BET is its return to being a Black-owned brand, which he believes is “better for the business, for the culture, and for building wealth in the Black community.” Perry currently owns a minority stake in BET and has had a long-standing relationship with the network.
According to The Wall Street Journal, Paramount is reportedly selling BET to put more resources into Paramount+ and Pluto TV.