Entertainment mogul Sean “Diddy” Combs has thrown his hat in the ring as a potential candidate to purchase a majority stake in the BET Media Group, reports Variety.
According to a source close to the situation, Combs wants BET to return to being a Black-owned brand, which he claims is “better for the business, for the culture, and for building wealth in the Black community.”
Combs, who is the CEO of Revolt TV which reaches over 80 million homes across the country, added that he was “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.”
Although Combs is interested in purchasing BET, “Paramount is not yet in talks with anyone at this point in the process.”
Last week, Paramount Global, the conglomerate that houses all the BET properties, announced they were in the process of seeking investors for the assets.
“The decision to consider selling a majority stake of the assets, which cater primarily to Black audiences, is part of the entertainment giant’s effort to shore up resources to bolster its flagship Paramount+ streaming service and its advertiser-supported free streaming platform Pluto TV, some of the people said,” stated the company’s statement.
Another mogul who expressed interest in buying a majority stake in BET is Tyler Perry. Currently, the Madea franchise creator owns a minority stake in BET, and his shows such as Perry’s House of Payne, Sisters, The Oval, Ruthless Zatima and Assisted Living shows are available on BET and streamer BET+, which he helped launch in 2019.
Led by CEO Scott Mills, BET Media Group includes BET, BET+, BET Studios and VH1.
According to CNBC, the BET Media Group generated $1.5 billion in revenue for Paramount in 2022.
