Sean “Diddy” Combs is reportedly interested in purchasing an ownership stake in BET, as the cable channel’s current owner Paramount Global is exploring a sale.
A source close to Diddy stated that he sees the opportunity to purchase BET as part of his plan to build a Black-owned global media powerhouse. Diddy aims to return BET to being a Black-owned brand, which he believes is crucial for business, culture and building wealth in the Black community. To achieve this goal, he plans to create a collective of influential Black businesspeople and entertainers to grow the network.
Diddy would join media moguls Tyler Perry and Byron Allen in seeking to acquire a majority stake in BET Media Group. Perry already owns a minority stake in BET+, the network’s streaming service.
Founded in 1980 by Robert Johnson, BET was the first national programming service aimed primarily at Black viewers. Paramount Global acquired BET in 2000 for $2.3 billion in stock.
Diddy currently owns Revolt, a digital cable television network that reaches around 80 million households, as well as a billion-dollar empire that includes Cîroc and DeLeón Tequila.