Sean “Diddy” Combs is the latest business mogul to express interest in buying BET Media Group as Paramount Global considers selling a majority stake.
Variety reported Monday a source close Combs is “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.”
Combs already owns the music-oriented Revolt TV network, which he founded in 2013.
A Monday story on the Revolt website said Diddy “is looking to expand his empire in a way that will undoubtedly elevate the culture and build wealth in the Black community.”
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BET Media Group includes BET, BET+, BET Her, BET Studios (the production arm of BET), BET Digital and VH1, which was transferred to the group in a 2022 corporate shuffle.
Last week reports surfaced in several business publications saying Paramount Global wants to sell a majority stake in BET Media Group. As previously reported, selling off the group would provide Paramount Global with cash to invest in programming for its Paramount+ streaming platform and the company’s free Pluto TV streaming service.
Tyler Perry and Byron Allen have also expressed interest in buying BET Media Group.
Perry, who already owns a minority stake in the BET+ streaming platform, has a long relationship with BET. Allen owns The Weather Channel.
BET was founded in 1980 by Bob Johnson and his wife Sheila Johnson. Paramount, then known as Viacom, acquired BET in 2001 for a reported $2.3 billion.
Paramount Global also owns CBS, MTV, Nickelodeon, Showtime, and Paramount Pictures. According to published reports, Paramount reported its streaming business lost $575 million last quarter.