TV network, BET is a hot commodity. Last week, it was reported that Paramount Global was exploring a potential sale of a majority stake in BET Media Group. Originally, the company was looking to possibly sell to Tyler Perry until Byron Allen expressed interest. Now, another contender has tagged himself in: Sean 'Diddy' Combs.
A source close to Combs gave Variety Magazine details about the potential acquisition. The record executive business mogul is “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse," says the source.
Although Diddy has expressed interest in acquiring BET, he is not officially in talks with Paramount to purchase a majority stake, another source says. The source revealed that Paramount is not in talks with anyone at the moment.
Sean Comb's Current Business Ventures
Combs is no stranger to owning a network. He is currently the owner of Revolt, a platform he launched in 2013. The network has grown into a multimedia company that produces linear and digital long-form series and multi-platform short-form programming. At the moment, Revolt reaches roughly 80 million people, with its digital reach exponentially greater.
The entrepreneur also has a relationship with Paramount Global, which is the parent company behind networks like MTV, CMT, and Comedy Central. Combs once produced shows for MTV. His three iterations of Making the Band spanned between 2002 and 2009 and were major successes for the network.
Comb's acquisition of the network is important to him because he wants BET to return to being a Black-owned brand. He says is “better for the business, for the culture and for building wealth in the Black community,” according to the source.
Selling a majority stake in BET Group would allow Paramount Global to get added capital. The extra funding will be spent on programming for Paramount+ and Pluto TV. The company has also attempted to sell publisher Simon & Shuster. The $2.2 billion deal to sell to Penguin Random House fell through on regulatory concerns.