P Diddy joins bid war to buy BET
Written by Brooklyn Masuku on 15 March, 2023
Sean “Diddy” Combs has entered the bidding war to buy BET, joining Tyler Perry and Byron Allen, who’ve already expressed interest in buying the majority stake of BET Media Group—which includes BET, BET+, VH1, and BET Studios—from Paramount Global.
Variety Magazine reported that the Bad Boy mogul is “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.” He currently owns REVOLT under his recently rebranded Combs Global. The multimedia subsidiary produces linear and digital long-form and multi-platform short-form programming including Drink Champs, Kingdom Culture with T.D. Jakes, and Caresha Please.
A source close to Combs tells Variety that the global music icon and record executive turned multi-industry entrepreneur is “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.
It is said that, acquiring BET would give Combs the opportunity to bring the two networks together in a unique way, broadening BET’s audience reach with Revolt’s younger and more diverse audience, plus engaging the company’s strength in digital, with a reported 12 million digital visitors monthly, plus 18 million social followers. The deal would also mark Combs’ latest venture after expanding from music into film and television production, fashion, spirits (including Cîroc and DeLeón Tequila) and, most recently, cannabis.
What the public needs to also understand that, The first national television network that predominantly catered to Black viewers was BET, which Robert Johnson founded in 1980. For $2.3 billion in shares, Paramount Global, formerly Viacom, purchased BET in 2000.
Revolt, a digital cable television network that Diddy already owns and debuted in 2013, has a reach of almost 80 million households and many more online.
Nobody knows how this bid will end, but the question is, who is your money on?