Rap hero Diddy has been reported as one of the potential buyers for a majority stake in BET amid rumours that Paramount Global is to put the company up for sale.
On Monday, March 13th, Variety reported that “sources” close to Diddy say he’s “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.” However, a second source claimed that he’s not yet in talks with Paramount about the move, with further details unknown.
It is said that BET’s parent company isn’t currently in talks with any potential buyers, despite two other potential customers expressing interest, Tyler Perry and Byron Allen. Notably, Perry owns a minority stake in BET, and has enjoyed a long relationship with the network.
According to another report in The Wall Street Journal, the sale is reportedly being made to channel more funds into Paramount+ and Pluto TV.
Diddy already owns the REVOLT network, a multimedia company launched in 2013 that produces television and digital long-form series. The channel has a current reach of 80 million households, with 42 programmes to its name, including Young Miami’s Caresha Please, Jim Jones’ Weather Report and N.O.R.E’s Drink Champs.
Per the new report, Diddy is interested in returning BET to being a Black-owned brand, which he feels is “better for the business, for the culture and for building wealth in the Black community.” It is said that Diddy might have the edge over the competition, as he already has a longstanding relationship with Paramount Global. This is due to his majorly successful Making The Band series from the 2000s.
Presently, there is no more information on what the status of BET’s current shows will be once a sale is confirmed. Recently, Mary J. Blige launched her show The Wine Down as part of a deal with the network, where the R&B singer conducts “raw, provocative, insightful and real” interviews with “the hottest, most outspoken” celebs in their respective fields over wine.