Diddy ‘Building a Team’ to Buy Majority Stake in BET

Diddy ‘Building a Team’ to Buy Majority Stake in BET

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Sean “Diddy” Combs says he’s hatching a plan to buy BET Networks.

Diddy shared the news in response to reports earlier this week saying he was interested in acquiring the properties, after Paramount Global began buying BET Media Group – made up of BET, BET+, BET Her, BET Digital, BET Studios (the production arm of BET), and VH1.

Diddy posted a statement on Instagram on Wednesday saying it was time for Black Entertainment Television to be “black owned” again.

Related story: Paramount Global seeks to sell majority stake in BET

The Bad Boy Records founder included a clip from the “Earn Your Leisure” podcast with hosts Rashad Bilal and Troy Millings. One of the hosts said he reached out to Diddy to find out if there was any validity to the articles saying he wanted to add BET to his portfolio.

Diddy included a caption with the video explaining why he would like to buy BET.

“The media is the most powerful industry in the world, but it is the industry where we have the least ownership, influence and control!” he wrote. “It’s time for @BET to be black owned again so that we have the power to tell our own stories, to control our own narrative! It’s not about me, it’s about US!!!! ”

The music producer and businessman added that he hopes to partner with other black entrepreneurs to own the business.

“I’m building a team of culture leaders to pursue ownership of @BET together!” He continued. “We must combine our power and our resources to create real change! #IT IS NOW.”

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Diddy already owns the music-oriented Revolt TV network, which he founded in 2013.

But he faces serious competition in his pursuit of BET.

Tyler Perry and Byron Allen would also be interested. Perry already owns a minority stake in streaming platform BET+ and has a long relationship with BET. Allen owns The Weather Channel and several local television stations.

BET was founded in 1980 by Bob Johnson and his wife Sheila Johnson. Paramount, then known as Viacom, acquired BET in 2001 for $2.3 billion.

Paramount Global also owns CBS, MTV, Nickelodeon, Showtime and Paramount Pictures. The company announced in January that it was combining Showtime and Paramount+, with the properties being rebranded as “Paramount+ With Showtime.”

The sale of part of BET Media Group would provide Paramount Global with cash to invest in programming for its Paramount+ streaming platform and the company’s free Pluto TV streaming service.

According to published reports, Paramount announced that its streaming business lost $575 million last quarter.

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