And another one…
Variety has confirmed that Sean “Diddy” Combs, the multi-industry entrepreneur, is exploring the opportunity to purchase BET Media Group as part of his strategy to build a Black-owned global media powerhouse.
Combs joins media moguls Tyler Perry, Byron Allen, and Group Black, who have also expressed interest in acquiring a majority stake of BET Media Group amid reports that owner Paramount Global is exploring a sale of the asset. BET Media Group includes BET, BET+, VH1, and BET Studios, and has a reported 12 million digital visitors monthly, plus 18 million social followers.
READ: A Third Black-Owned Company, Group Black, Interested in Buying Majority Share of BET
Combs already owns Revolt, which he launched in 2013. The network has developed into a multimedia company that produces linear and digital long-form series and multi-platform short-form programming, reaching roughly 80 million households today, with its digital reach exponentially greater. Combs has a longstanding relationship with Paramount Global, dating back to his days with MTV, where he produced three iterations of “Making the Band” between 2002 and 2009.
Acquiring BET would give Combs the opportunity to bring the two networks together in a unique way, broadening BET’s audience reach with Revolt’s younger and more diverse audience. Most importantly, a source tells Variety that Combs believes BET being a Black-owned brand is “better for the business, for the culture and for building wealth in the Black community.” Acquiring the network presents an opportunity for the Black community to come together to own an important platform and Combs would enlist a collective of high-powered Black businesspeople and entertainers to further build it up.
READ: Update: Byron Allen and Tyler Perry Eye Majority Stake Purchase of BET from Paramount Global
Paramount Global has declined to comment on the reports, and a source tells Variety that Combs is not yet considered to be in talks with Paramount to purchase a majority stake. In fact, Paramount is not yet in talks with anyone at this point in the process, but many parties have expressed interest.