Diddy has entered the BET majority stakes chat.
He joins fellow media moguls Tyler Perry and Byron Allen as they vie to buy a majority stake of Paramount’s BET businesses amid reports that the owner is exploring a sale of the asset, Variety confirms.
Headed by CEO Scott Mills, BET Media Group includes BET, BET+, BET Studios, and VH1 (moved under the group in a reshuffle at Paramount last year).
A source close to the massively successful mogul informed Variety Diddy is “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.”
The global music icon and multi-industry entrepreneur has a well-established relationship with Paramount Global, dating back to his days with MTV (between 2002 and 2008), where he produced three iterations of “Making the Band,”: a significant success for the network.
However, another source familiar with the situation told the news outlet that while Diddy has put his name into the ring, he is not yet considered to be in talks with the global network to purchase a majority stake. In fact, the insider claims that Paramount isn’t in talks with anyone at this point but that many parties have expressed their interest.
Of course, Diddy is already a successful media house owner with REVOLT. The network, rooted in hip-hop culture, has grown into a multimedia firm that produces linear and digital long-form series.
At its inception, REVOLT reached about 25 million homes; today, that number has grown exponentially, reaching over 80 million households and boasting 12 million monthly digital visitors and 18 million social media followers.
Millions tune in to view the network’s vast selection of original series such as “Drink Champs,” “Yung Miami’s “Caresha Please,” and “Kingdom Culture With T.D. Jakes.”
With such an impressive track record, it’s safe to say that a REVOLT and BET link-up would be historic.
And while Diddy is yet to give any public comments regarding the potential deal, Variety’s source revealed his dream to see BET (Black Entertainment Television) return to Black ownership. The “All About The Benjamins” artist believes the acquisition would be “better for the business, for the culture and for building wealth in the Black community.”
As previously reported, BET partner and producer Tyler Perry also expressed interest in acquiring the network. Businessman and Weather Channel owner Byron Allen is a contender for the buyout as well.
A New York Times report also claims that Group Black, a Black-owned Miami-based media firm, has also shown interest. The company, launched in 2021 by Bonin Bough, Richelieu Dennis, and Travis Montaque, recently put in a bid of $400 million for Vice Media and would be teaming up with CVC Capital Partners, a private-equity firm, as well as prominent Black artists and entrepreneurs for the potential BET deal.
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