Diddy Looking to Nab Majority Stake in BET as Paramount Puts Network Up for Potential Sale

The mogul joins Tyler Perry, Byron Allen and more as contenders for the network’s purchase

Sean "Diddy" Combs
Sean "Diddy" Combs (Frazer Harrison/Getty Images)

Sean “Diddy” Combs has just joined the potential purchase party of Black Entertainment Television (BET), with the mogul setting his sights on majority stake, an individual with knowledge told TheWrap.

According to the insider, the Grammy award-winning musician and record label executive is “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.” The individual added that conversations around Diddy buying majority stake in the network has yet to happen. 

Diddy is the latest to take interest in the acquisitions of the network, following behind Tyler Perry, Byron Allen and Miami-based media company Group Black, which was founded by Richelieu Dennis, Bonin Bough, and its CEO Travis Montaque.

BET Media Group includes the brands BET, BET+, BET Studios and VH1, which was moved under the group by Paramount Media Networks in a restructuring. 

This would be another lucrative entrepreneurial business move for Diddy, who founded media company Revolt in 2013. Its CEO, Detavio Samuels is over the overall management of Revolt, which produces long-form and short-form content centered on Hip Hop culture and social justice news. The network hosts several programs, including its recent hit podcast series “Caresha Please,” hosted by rapper Yung Miami, and weekly shows like “Revolt Black News” and “Drink Champs.”

Variety first reported the news.