With the recent reporting of Paramount possibly fielding offers to buy a majority stake in BET Networks, Tyler Perry‘s name emerged as a potential buyer. After gaining the interest of other Black executives (Byron Allen and Group Black
), another Black power player has thrown his name in the hat.According to Variety, hip-hop billionaire, Sean Combs, is now looking to purchase a majority stake in BET. A source close to the Revolt network owner informed the media outlet that the mogul, who is also known as Diddy, is “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.”
Although Paramount has not officially placed a “for sale” sign on the network, with last week’s news, Black owners are smelling the blood in the water.
Recently, Combs has placed more effort into creating spaces to allow for Black ownership to thrive. According to a different source, he feels that BET should return to being a Black-owned brand. He truly believes that is “better for the business, for the culture, and for building wealth in the Black community.”
Paramount still wants to own a piece of BET as a minority owner. They will also continue with the commercial agreements they have with BET for content across its platforms.
If a deal is done, it will most likely include BET Studios, which launched in 2021. The partners involved in BET Studios include Kenya Barris, Rashida Jones, and Aaron Rashon Thomas. VH1 was shifted under the BET umbrella last year.
BET was started as a Black-owned entity in 1980 by Robert L. Johnson (who currently owns The RLJ Companies) and his wife Sheila Johnson, until he sold the network to Viacom in 2000 for $2.3 billion, making him the first Black billionaire. BET was the first cable network to specifically cater to Black audiences.