Diddy Reportedly Interested In Buying Majority Stake In BET Media As Paramount Global Explores Sale

Diddy

Diddy Reportedly Interested In Buying Majority Stake In BET Media As Paramount Global Explores Sale

Diddy is reportedly interested in acquiring BET Media Group amid reports that owner Paramount Global is exploring a sale of a majority stake in the asset.

According to reports, music mogul Sean “Diddy” Combs is eyeing buying BET Media Group, which includes BET, BET+, VH1 (which was moved under the group in a restructuring at Paramount last November), and BET’s production arm, BET Studios.

Diddy

Reportedly, a source close to Diddy, 53, says that the multi-industry entrepreneur is,

“exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.”

Another source reportedly claims that while the music icon has expressed interest in acquiring BET, he is not yet considered to be in talks with Paramount to purchase a majority stake. In addition, that insider alleges that Paramount is not yet in talks with anyone at this point in the process, but that many parties have expressed interest.

Last week, media mogul Byron Allen, 61, reportedly expressed his interest in buying BET. He is the second suitor after fellow media mogul Tyler Perry, 53, also said he wants the network.

A spokesman for the Allen Media Group said in a statement,

“Byron Allen is interested in buying BET, and he will be pursuing the acquisition of the network.”

Byron Allen

As previously mentioned, Tyler Perry is aiming to purchase a majority stake in BET Media Group. Tyler Perry’s current deal with Paramount, which began in 2017, is reportedly coming to an end. If this BET purchase occurs, this would give him ownership of the brand that airs many of his shows.

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[Sources: 1, 2]