Diddy Reportedly Looking Into Buying Majority Stake in BET
Written by SOURCE on March 14, 2023
A handful of bigwigs are reportedly competing to purchase BET from Paramount Global.
According to Variety, Diddy is among those who wants to buy a majority stake in BET Media, which includes BET, BET+, VH1, and BET Studios. An insider told the publication that Diddy is “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.”
However, according to a second source, Paramount isn’t currently in talks with Diddy or anyone else about acquiring the network. Tyler Perry and Byron Allen have also reportedly expressed interest in purchasing a majority stake in BET.
Diddy is apparently interested in merging BET and his own network, Revolt. An insider told Variety that the 53-year-old wants BET to once again be Black-owned, which he thinks is “better for the business, for the culture and for building wealth in the Black community.”
In addition to Revolt, which he started in 2013, Diddy has also expanded his repertoire beyond music to include film, television production, fashion, spirits, and marijuana.
News that Perry wanted to acquire BET came last week, shortly after a Wall Street Journal article revealed that Paramount Global wanted to sell the network. Perry already owns a minority stake in BET and also produces a lot of the programs that air on BET and BET+. In addition to Allen, the Group Black, a media company based in Miami, also is looking into purchasing BET.
“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,” per the WSJ.
