Diddy expresses interest in buying majority stake in BET

Diddy is the latest to express interest in buying a stake in BET. Variety reports he’s joined fellow moguls Tyler Perry and Byron Allen in a race to purchase a majority stake in BET Media Group, which includes BET, BET+, VH1 and BET Studios.

A source tells the trade Diddy, born Sean Combs, is “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse,” which he believes is “better for the business, for the culture and for building wealth in the Black community.” Another source familiar with the situation says many have expressed interest in the stake, but none of them have been in talks with anyone at Paramount.

Diddy’s interest in buying BET follow reports that Paramount Global is selling the network. According to The Wall Street Journal, “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.”

Variety reported that Perry, who now owns a minority stake in BET, had early discussions about acquiring the network. Allen and Black-owned, Miami-based media company Group Black have also expressed interest.