April 25, 2024

Diddy Eyes Majority Stake In BET: Report

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Diddy joined the billionaire club last year as Ye lost a significant portion of his net worth. However, it looks like Diddy’s aiming to expand his empire further. According to Variety, Diddy expressed interest in buying a majority stake in BET as Paramount Global began to look at selling the network. Though sources close to the situation claim Paramount Global has yet to have meetings with anyone surrounding the sale of BET, there are already a few prominent figures who are looking to take over the iconic network.

Diddy joins the likes of Tyler Perry and Byron Allen who are vying to purchase BET Media Group, which includes BET, BET+, VH1, and BET Studios. A source close to Diddy revealed that he wants to take over BET. They said he’s “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.” Given that he already runs Revolt TV, it seems like the acquisition of BET could allow Diddy to develop even bigger projects beyond the numerous successful shows on his network already.

Diddy’s TV Empire

LOS ANGELES, CALIFORNIA - JUNE 26: Honoree Sean ‘Diddy’ Combs performs onstage during the 2022 BET Awards at Microsoft Theater on June 26, 2022 in Los Angeles, California. (Photo by Leon Bennett/Getty Images for BET)
LOS ANGELES, CALIFORNIA – JUNE 26: Honoree Sean ‘Diddy’ Combs performs onstage during the 2022 BET Awards at Microsoft Theater on June 26, 2022 in Los Angeles, California. (Photo by Leon Bennett/Getty Images for BET)

As Diddy continues to uplift and support Black-owned businesses, the acquisition of BET could mark a huge move for the mogul and the culture at large. Sources close to Diddy said that acquiring BET would mark its return as a Black-owned business – an integral aspect that he believes is “​​better for the business, for the culture, and for building wealth in the Black community.” It’s no doubt that if Diddy becomes the owner, the hip-hop community will rally together to transform BET into one of the biggest channels.

Wall Street Journal first reported on Paramount’s potential sale of BET last week. “The decision to consider selling a majority stake of the assets, which cater primarily to Black audiences, is part of the entertainment giant’s effort to shore up resources to bolster its flagship Paramount+ streaming service and its advertiser-supported free streaming platform Pluto TV, some of the people said,” the report reads. We’ll keep you posted on any more updates surrounding the potential acquisition of BET. Sound off in the comments with your thoughts. 

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