Variety reports that Sean “Diddy” Combs has joined the battle between industry heavyweights Tyler Perry and Byron Allen for control of BET Media Group.
Paramount Global had reportedly been trying to sell the entertainment company, so this announcement is timely. Combs, a record executive, and multi-hyphenate entrepreneur is reportedly “exploring the opportunity to purchase BET as part of his strategy to build a Black-owned global media powerhouse,” as reported by the outlet’s sources close to the music mogul.
It has been confirmed by other sources that neither Combs nor any of the aforementioned parties are currently in negotiations with Paramount regarding the deal or seeking a majority stake in the entertainment conglomerate. Most notably, Combs has a long history with Paramount Global, having collaborated on three Making the Band films for MTV between 2002 and 2009.
Combs’ Revolt network, which now reaches around 80 million households, is also a major player in the entertainment industry, but BET has a larger reach at 125 million. If Combs were to acquire BET, he could combine the two networks into one, potentially expanding their combined viewership.
According to sources close to Paramount for The Hollywood Reporter, the studio plans to keep working with whoever purchases BET. At the helm as CEO of BET Media Group at the moment is Scott Mills. Mills is responsible for all of BET Media Group’s properties, including the cable networks BET and VH1 as well as the production studio and streaming service BET Studios.