Diddy looking to purchase majority stake in BET to return the network to Black ownership
Sean “Diddy” Combs is looking to expand his empire in a way that will undoubtedly elevate the culture and build wealth in the Black community. The massively successful mogul has expressed interest in purchasing a majority stake in BET after Paramount Global announced the network was up for sale. The news came today (March 13) via Variety. As the founder and chairman of REVOLT, Diddy is already the mastermind behind one successful network and is intent on leading BET in a return to Black ownership.
A source close to the icon and businessman told Variety the Bad Boy is “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.” The sure-to-be lucrative deal would include BET, BET+, and VH1. Nothing is final with the industry powerhouse at the moment, as reports state Paramount Global has yet to seriously discuss the possibility with any contenders.
Diddy has been hands-on in the industry since he began his award-winning career in the ’90s. He’s played a monumental role in launching artists like Mariah Carey, Mary J. Blige, Boyz II Men and more. In 2013, his business acumen saw new heights when he launched multi-platform media company REVOLT. The network reaches more than 80 million homes, and boasts 12 million monthly digital visitors and 18 million social media followers, along with a fast-growing streaming business. Millions tune in globally to view the network’s wide selection of original programming, such as “REVOLT Black News,” “Drink Champs,” “Kingdom Culture With T.D. Jakes” and “Caresha Please.” Diddy’s track record in producing successful TV and growing a prosperous media and entertainment platform is already proven — and a REVOLT and BET link-up would be historic.
While Diddy has not given any public comment regarding the potential deal, Variety’s source revealed his dream to see BET, which stands for Black Entertainment Television, return to Black ownership. The “Gotta Move On” artist believes the acquisition would be “better for the business, for the culture and for building wealth in the Black community,” according to the source.
As previously reported by REVOLT, earlier this month, it was announced that Tyler Perry was also interested in acquiring BET. Variety adds that businessman and television producer Byron Allen is a contender for the buyout as well.