Diddy ‘exploring opportunity’ to purchase majority stake in BET

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Diddy ‘exploring opportunity’ to purchase majority stake in BET

Diddy is reportedly throwing his name in the ring of potential buyers of the majority stake in BET amid reports that Paramount Global is putting the company up for sale.

Variety reported on Monday (March 13) that “sources” close to the Bad Boy mogul say he’s “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.” However, a second source added he’s not yet in talks with Paramount about it – though the company reportedly isn’t in talks with anyone yet, including the two others who expressed interest in the sale, Tyler Perry and Byron Allen.

Diddy already owns the REVOLT network, a multimedia company launched in 2013 that produces television and digital long-form series. The linear channel currently reaches 80 million households and has 42 programs on their slate, including Yung Miami’s Caresha Please, N.O.R.E’s Drink Champs and Jim Jones’ Weather Report.

According to the report, Diddy is most interested in BET’s return to being a Black-owned brand, which he believes is “better for the business, for the culture and for building wealth in the Black community.” Acquiring BET would give him the opportunity to bring the two networks together in a unique way.

As for an edge in the competition, Diddy has a longstanding relationship with Paramount Global thanks to his wildly successful Making The Band series in the 2000s, which produced acts like Danity Kane, Da Band and Day 26.

Tyler Perry currently owns a minority stake in BET, and has also had a longstanding relationship with the network. According to The Wall Street Journal, the sale is reportedly being made in an effort to put more resources into Paramount+ and Pluto TV.

There’s no word on what the status will be of shows currently on BET’s slate once the sale goes through. Mary J. Blige recently launched her talk show The Wine Down as part of a new deal with the network, where the singer has “raw, provocative, insightful and real” conversations with “the hottest, most outspoken” celebs in their respective fields over wine.

Bow Wow also recently launched a new show with the network, hosting a new dating series titled After Happily Ever After. The eight-episode series premiered in the fall, with Bow Wow helping those who have previously separated play matchmaker for their ex-partners in order to help them find new love.