Sean “Diddy” Combs may be aiming to purchase a majority stake in BET Media Group.
Variety reports that Combs is looking to create a Black-owned international media empire. More specifically, according to sources close to the matter, he is “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.”
The idea may not be too far-fetched as Diddy founded REVOLT in 2013, which has scaled from “roughly” 25 million households to “roughly” 80 million today. Variety notes that this number does not include the platform’s digital reach, which is estimated to be much higher.
However, only time will tell if Combs’ interest will materialize as he isn’t the only one looking to buy BET.
“Byron Allen is interested in buying BET, and he will be pursuing the acquisition of the network,” a representative of Allen said.
This follows the announcement that Paramount is in discussion to sell their majority stake in BET Media Group, which includes BET, BET+, VH1, and BET’s production arm, BET Studios.
If that does happen, Variety reports that Paramount would still be looking to maintain a minority stake in BET Media Group and continue a commercial relationship.
As of now, Combs has not reached out formally to Paramount to express his interest. Additionally, according to reports, Paramount has not yet been in discussion with any parties who are potentially interested in purchasing a majority stake in BET.